No, you're quite right to be reluctant to think it's that simple. That's the single best indicator that we have right now. A couple things can factor into this, too. You can make breakthroughs at the theoretical level, the algorithmic level, that effectively mean you can squeeze more juice out of the lemon. For the same amount of computational power, you can do more. That's precisely why, whatever that computational power threshold is, you want to offload that to regulators to determine what that is. Don't enshrine that into law, because it will change quickly. That's one piece.
To the question of what other capabilities might emerge from these systems, it also depends on the training data. If you train these systems on bio-sequence data, they will learn for less computational power how to make a bioweapon. That's enshrined as well in the executive order. There's a lower threshold for those sorts of technologies.