I don't think that's that simple. I mean owning a missile that has range and air superiority.
Well, it is still BVR 101: if someone can fire at you 20-30-40 clicks earlier than you can fire at him, and his missile has a much larger no-escape zone, then you won't engage, I guarantee you.

Granted, engagement is not only about one-on-ones but nevertheless fighters carrying AMRAAM, as of today, have nothing against fighters carrying Meteor in BVR fights.
To truly score a hit, any long range missile must be able to find its target and have a superiorly robust ECCM. Finding a target means also being passed coordinates from a survivable airframe able to refresh them.
I'm not sure what do you mean - Gripen C/D is perfectly capable to maximize the advantage of Meteor and IRIS-T, every possible way.
And if we specifically look at in-flight updates then the Gripen was ahead of F-16 long time ago, not to mention their far more advanced peer-to-peer networked warfare skills - something F-16 basically does not have at all, nor will ever have.
Not only that but IRIS-T is LOAL (and can even act as an interceptor.)
Upgraded F-16 are quite credible in that domain.
Hold on: in what domain any 40-y old F-16A, even if "upgraded" to Block 15-20 MLU, is "quite credible" against a Meteor or IRIS-T or, in general, an up-to-date Gripen? I'm all ears!

Just looking at the most basic thing, even those Mk3+ Gripen radars (updated Mk3s, around 2018, apparently the current state of those Gripens in Hungary) are superior to old APG-66 v2 (F-16A MLU) radars - and the Mk4 will give the Gripens another advantage over the old F-16As, I'd guess anywhere between 50-100% in terms of range.
S-27 also, at least with the tremendous power of their radar suite and acceleration.
I'm not sure what do you mean by "tremendous" - I vaguely recall both max output and its max radar range is below even the updated Mk3 of the PS05... or not?
Meteor mostly widen the buffer zone from where you are able to safely operate against pseudo-static enemy systems. Think long range Sam kill zone.
Meteor is then mostly a defensive countermeasure able to extend owner credibility over IADS deployment. Not an aggressive capability to wage war against any adversary. It fits perfectly Hungarian air force needs.
Well, that's exactly my point.

There's no way any neighbor without Meteor will pick a fight with fighters carrying these missiles - unless they have quantitative advantage, hence my assumption of a pending Hungarian order for at least another squadron.