Compare it to the previous (Intel) generation that uses 20W idle and 122W under load, while not matching the M1 in neither CPU nor GPU performance.
That being said, RAM and storage is pretty negligible. LPDDR4/X uses around 0.2-0.5w, and around 0.1-0.05w for storage.
There is also no reason to compare to Intel. The competition for Macs aren't older macs - newer macs are always going to be better than older macs. The competition is to what they could have been if they went for AMD, and to other computers of similar form-factors.
In both cases, you're comparing to AMD, not Intel.
Comparing it to a M1 will yield the same results. The lowest TDP i can could find was 65W for a Ryzen 3, which is still long way from M1 in both power consumption and performance.
Compare the 5900HS with the M1, which is a 35W SoC, just like the M1, and much, much faster than any Rzyen 3.
This holds for SoCs or for systems that manage total power equally.
The answer is no. 26.5W is only for the CPU. If you also need to use GPU then it throttles or consumes more.