Unfortunately, I could not find any data on TDP of A12Z under full load, so it is impossible to guesstimate at the moment which design is superior.
UPD. Actually, there's this: https://www.anandtech.com/show/16252/mac-mini-apple-m1-teste...
If I am to believe the successor to 4800U will gain 10% perf from switching 7nm -> 5nm, design-wise it matches M1.
TSMC is a fantastic and innovative company, and they've done amazing things (in no small part to Apple's massive investment in them). But Apple chip design is superior to their competitors.
Combine Apple's superior designs with first access to TSMC's premier nodes and you get some pretty special results, as we've been seeing for years with the A series chips, and which is finally getting the notoriety it deserves with this M series debut.
Qualcomm got rid of their mobile ARM CPU designs a while back. Can the snapdragon cx / SQ2 series hope to compete using ARM reference designs, with Apple out so far ahead?