Its going to depend on which 1911 you buy and what kind of expectations you bring to the contest.
In my experience, a low-end 1911 will need lots of tweaking, and may have parts that aren't durable. A low end 1911, maybe a bottom line Colt or Springfield (or Rock Island Armory, which is even cheaper) comes to you cheaply because corners have been cut. You may have to replace those corners to get the performance you want. I know folks who buy RIA gun, swap a few parts, do a little tweaking, and love them. You end up with a gun comparable in price to the CZ97B. Colt and Springfield's low end guns often have some QC issues.
A low-middle/middle range 1911, like a Kimber, may be pretty good and durable. But I've seen a lot of folks complain about SOME Kimbers. (Others love'em.) These typically cost more than a 97B.
A high-middle 1911, like a Wilson will be good and durable (but you're talking about 2-3 times the CZ-97Bs purchase price).
And then there are the custom 1911s, built by a local gunsmith, or one of the big names. You can't generally touch these for less than $1500 -- and can spend as much as $3,000 - $5,000.
The CZ-97B shares the same internals as the 75B, which is a long-running well-tested design. It appears to be very durable, and its very accurate, out of the box.
In performance, I'd say it compete very favorably with the Kimbers and higher-priced springfields. And the low-end Wilsons. The trigger won't be as good, but the accuracy will be. Then too, its double action.
To get a trigger on a 97B that approaches a top-quality 1911 will take an action job ($150-$200).
The 97B is not as compact and won't conceal as well. It won't fit as many hands. But it seems to be well made, of good materials, with a lot of potential. And comes with more realized potential than many guns.
You're reallly comparing apples and oranges.
A fine 1911 is hard to beat. A fine CZ-97B is hard to beat. Which do you like best? Apples or oranges?