While the equipment certainly is important in racing, it's the engine--YOU--that is the most important. The bike you describe sounds very nice, but it's you and your training that will determine your success in racing.
If your boyfriend pooh-pooh's Ultegra, he's a bike snob. Just something to be aware of. (I used to be one, too, but like adolecence and pimples, I thankfully I outgrew it).