In terms of platforms, Y-8 ASW is certainly a lot more comparable to P-3C, since both are turboprop aircraft. I personally think that turboprop aircraft are better platforms for ASW operations than turbofan powered aircraft.
I remember before Y-8 ASW project came to fruition, there were a lot of speculations online about how capable these platform would be compared to P-3C and P-8. At the time, the big shrimps online were saying that they are not going to be as capable as the latest P-3Cs. It made a lot of sense to me since America has had a lot of experience in this field and is consistently improving on the technology. It's going to take China a while for China to try this out and find different ways to improve it and know where to improve it to best utilize the platform. It doesn't mean China cannot have newer radar technology and electronics on board, but getting everything to operate as well as something that has been operational for 50 years and continuously improved is not an easy task.
I think P-3 is the most well known turboprop ASW MPA that is flying today, so people automatically classify Y-8Q along with it, which is fair enough, but the Il-38 should also then be considered a natural peer.
However, both of those aircraft are not quite as accurate as I'd like for the sake of comparison, and I'd always maintained that Y-8Q's closest international peer is the SC-130J proposal, by virtue of the similar size, role configuration and most importantly, similar MTOW of the original baseline aircraft that both platforms are based off. The MTOW and overall dimensions of the Y-9 which the Y-8Q is based off is off is meaningfully bigger than P-3C that we should see a meaningful difference in their endurance and range, even if both operate at a similar flight profile.
As for subsystems, the way I see it is the Type 346 radar vs SPY-1 radar issue, where the latter is a far more mature system and has seen a number of upgrades and advancements of relevant subsystems to operate it with by, but where the former does use newer technology even if it may take it a while to reach maturity.
So in a similar case to Y-8Q, I think its sensors should probably be using the newest technology the domestic industry can provide, but it will take a little while before all those sensors reach a state of confident maturity and where the operators and support infrastructure and commanders know how to use them to their best advantage... and only then would a comparison between a future "mature" Y-8Q with the currently "mature" (upgraded) P-3C (or whatever other ASW MPA one wants to think of) be fair, with "fair" being relevant for the sake of academic interest, of course.