I think you are missing the opportunity cost when comparing these. Yes you can convert them into a similar number of spells, but there is no loss for the Wizard to do so, while the Sorcerer loses all of his abilities that make Sorcerers able to do what they do. By spending all of his Sorcery Points to create spell slots, he can't use metamagic, which makes him essentially a wizard with less spells. They don't equate at all, and the Sorcerer certainly loses out.
The pattern I've noticed here in many posts, but not all, is that people are comparing the Lore Wizard to the Sorcerer and saying it is over powered, but not saying it is overpowered compared to other wizard subclasses. That says to me that the subclass isn't overpowered compared to other wizard options, but perhaps the sorcerer is in general under powered compared to the wizard. The Lore wizard just gives an easier way to compare the two.
Like I've said before, I'd love to use this Wizard in a campaign over any other Wizard option. Part of what I think they got right is that I don't see any dead abilities, which I think many of the other Wizard subclasses have (I find the potent cantrip ability of the Evocation wizard to be horrible and pointless, for example). While it may be a little overpowered, I think you could easily tone down and keep the same general feel of what the class offers, even if you remove an ability such as the saving throw change, or change and ability such as any damage type to choose one damage type at character creation that all spells can be changed to.