I think last race of last season is a hint for Honda and a warning for Mercedes. When mercedes lost some of their ers power, everything turned in favour of redbull Honda. Even Albon was almost there.
I don't deny that Mercedes may be found performance in both chassis and pu sides. Or just one of them. If redbull maturity, thanks to rules which brings lesser change on the chassis, will allow them to start the season very close to Mercedes, it is a season Hamilton will regret to sign one more year.
What is warning is we saw that Mercedes have only ers advantage over Honda pu and if they lose it for this season, it is an over of pu domination era.
What is hint for Honda is if they can get enough power from ers than their pu is already on par or maybe even better than Mercedes pu. As a Honda fan, I always expect from Honda to beat rivals but I think, this year this expectation is more logical compared to previous seasons. In fact it was logical last year too but mercedes made bigger gain than expected. We will see soon if they could do it again.