It's a bit more complicated than that, and depends on the complete radio specs of both devices.
Link budget is transmit power of transmitting device (EIRP) + sensitivity level of receiving device + antenna gain receiving device + MRC gain of receiving device (if applicable). Link budget defines range.
Link budget will vary by datarate and frequency (channel). Maximum link budget (and range) is at the lowest rate.
Ideally the link budget in both directions (downlink and uplink) is the same, for a balanced link. Client devices typically have lower transmit power, less antenna gain, less MRC gain, and worse sensitivity.