I'd say a 20MHz 386SX would better match a 12-16MHz 286 when running generic 8088/8086 code, everything else (chipset, wait states, etc.) being equal. 10MHz is a little too conservative. Now, if said 386SX was doing nothing but executing 386 code that requires a lot of 32-bit transfers, then yes, I can see a case being made for it effectively wasting 1/2 of its machine cycles doing things.
That being said, I've definitely seen my fair share of slow 16MHz 386SX systems, so I'd be remiss to say they were 'rare' in any capacity. My first 386 ever was a 386SX-16, and it was, frankly, a complete slug. (Not helped by the dying hard drive and slow video card it had, I'm sure.) But, ironically enough, a slug that I've been trying to reclaim. It was an Everex/AGI 3000G, forgot what model the mobo was.
On the other hand, maybe I'm being a little spoiled by my IBM 486SLC2 here. 😜
Life isn't long enough to re-enable every hidden option in every BIOS on every board... 🙁