If it's merely human equivalent but somehow costs a lot more than actual humans, then it's actually pretty marginal until the cost comes down. There are a lot of humans.

So you could technically have AGI without entering a true AGI era. "95% as good as an average Harvard graduate across the board, but it costs $5 million/year to run" is impressive and scientifically interesting, but not economically transformative.

But if it costs $50,000/year to run, then everything changes really fast. And not necessarily in a good way.