My understanding is that it's even worse than that, as the 48MP sensor isn't a regular sensor but a Quad Bayer sensor. While there are some benefits over a 12MP sensor, based on what I've read it seems that the image quality is more comparable to a 12MP sensor than to a 48MP sensor. So cropping to 2x would match a 3MP sensor.
That's currently the main reason why I'm planing to keep my 12 Pro a little bit longer. A 2x lens seems more useful than 3x to me and if the assumption above is correct the 2x quality on the 12 Pro should be better than on the 14 Pro. Unfortunately I haven't been able to find a lot of discussions regarding this topic, but there's a YouTube video that comes to a similar conclusion: https://youtu.be/u9sJb_E6h5E?t=588.