You can't directly compare the Mhz's because they are different CPUs. Two different architectures and probably PSP has some additional CPUs to speed up things.
Like N64 that has 93.75 Mhz processor, sounds like shit right? But it's a MIPS processor which by architecture is better than x86, also it has the RCP which is a vector processor which makes the difference.
From
Wikipedia:
Processor: 93.75 MHz NEC VR4300 (info), based on MIPS R4300i-series 64-bit RISC CPU (image)
Graphics: SGI 62.5 MHz RCP (Reality Coprocessor) (image) contains two sub-processors:
- RSP (Reality Signal Processor) controls 3D graphics and sound functions (DSP-like MIPS R4000-based 8-bit integer vector operations)
- RDP (Reality Drawing Processor) rasterizer handles all pixel drawing operations in hardware, such as: