For some context: Phonetic decoding skills pretty much max out late in middle school. NT readers make the learning-to-read/reading-to-learn transition usually during fourth grade, which is generally when we denominate them fluent readers. So yes, NT readers do "catch up" to very early readers, if we are discussing only phonetic decoding skills.

Comprehension, vocabulary development, and content knowledge are another discussion.

Much depends on the definition of hyperlexia, and whether it specifically excludes high-level reading comprehension.

...pronounced like the long vowel and first letter of the alphabet...