There was more to the 32X than Genesis ports. The SVP chip wouldn't have been able to produce Shadow Squadron or Metal Head. The SVP - from what I've been able to find out - was capable of 300-500 polygons per-second (16 colors) with an internal clock speed of 23MHz (greater than that of the Super FX-2 chip)...
With the 32X, it had twin Hitachi (SH2) 32-bit RISC processors capable of 23MHz each, 40MIPS, 4Mbits of RAM on top of what the Genesis and Sega CD brought to the table, 500,000 texture-mapped polygons per-second and 32,768 simultaneous colors. The SVP chip can't touch that. Also, when you compare Virtua Racing (GEN) to Virtua Racing Deluxe (32X), it's abundantly clear which is better. The 32X version not only contained two extra vehicles and tracks, but the poly-count, draw-distance and frame-rate were superior to SVP, as were its audio capabilities.
Nintendo sold Super FX enabled games for a $69.99; $30 cheaper than Sega's Virtua Racing.
I don't even know about the whole "Genesis compatible Sega CD game" concept. Sega CD didn't exactly splash onto the scene. It was moderately successful, but - by that point - the 32-bit age was about to hit. Besides, Sega CD may have had some stand-out titles (Battlecorps, Soul Star, Sonic CD, The Adventures of Willy Beamish, Snatcher, Silpheed), though it also suffered from upgraded Genesis port syndrome (Cliffhanger, Demolition Man, Ecco the Dolphin, Batman Returns, Brutal and so on). Not to mention the glut of FMV titles.