Is a laptop with Core i7 12850HX good enough for gaming, and does the CPU or GPU matter more?

  Gaming experience is 70% the complete machine, 30% the CPU. An 12850HX won't bottleneck any mainstream GPU; what actually differs is the GPU's real TGP (60W and 130W versions of the same model are different products), whether MUX/discrete mode exists, and how power is split between CPU and GPU in performance mode. On a tight budget, prioritize GPU power and MUX—the CPU is the part you can compromise.