In this hypothetical scenario the Saturn wouldn't have existed and therefore, could not be missed.
The idea I'm referring to was that of a 32bit addon, not SoA developing it's own 32bit system and SoJ doing its own. That was obviously a bad idea.
To clarify, if Sega had released the 32x and the Sega-Trio(Gen,Cd,32X in one) then put all of its software development and marketing skills behind it, it would have been a great "mid-gen" system much like the PCE bridged the gap between the 8bit and 16bit era.