The ostensibly top of this range 4584PX, also with 16 cores but at double the clock speed, 28 PCIe 5.0 lanes, and 120W seems like it would be a perfectly fine drop-in replacement for that.
(I will note there is one significant difference that the Xeon does come with a built-in NIC; in this case the 4-port 25Gb "E823-C", saving you space and PCIe lanes in your system)
As more PCIe 5.0 expansion options land, I'd expect the need for large quantities of PCIe to diminish somewhat. A 100Gb NIC would only require a x4 port, and even a x8 HBA could push more than 15GB/s. Indeed, if you compare the total possible PCIe throughput of those CPUs, 32x 4.0 is ~63GB/s, while 28x 5.0 gets you ~110GB/s.
Unfortunately, we're now at the mercy of what server designs these wind up in. I have to say though, I fully expect it is going to be smaller designs marketed as "edge" compute, like that Dell system.