It certainly wasn't offering CCIP bombing
to the standard already well established by the F-16.

If I recall correctly,the F-20 had a CEP of 6 mils in CCIP bombing(I think 8
mils in CCRP,but don't hold me to that),which is pretty comparable to an F-16..

the lack of AIM-7F
(and AIM-120) capability meant it was quick to the fight but without
credible weapons.

The F-20 fired both AIM-7M and AIM-120 during weapons trials,I have a vid
showing both.