Probably not in terms of pure compute power, my wording is definitely a bit off there.
However, the overall gaming experience you get with the local streaming setup will probably be similar to, if not superior to, the remote streaming setup regardless of absolute hardware power, because i3 + GTX 750 TI can definitely handle most games at 60fps in 720p (and a lot of them at 1080p in my experience). So the comparison ends up between streaming 720p with 50ms latency due to bandwidth constraints over WAN vs streaming 720p (and some 1080p) with <5ms latency within a LAN.
However, the overall gaming experience you get with the local streaming setup will probably be similar to, if not superior to, the remote streaming setup regardless of absolute hardware power, because i3 + GTX 750 TI can definitely handle most games at 60fps in 720p (and a lot of them at 1080p in my experience). So the comparison ends up between streaming 720p with 50ms latency due to bandwidth constraints over WAN vs streaming 720p (and some 1080p) with <5ms latency within a LAN.