For Handbrake the 12700K performs about 12% faster than the 5900X while being about 13% less efficient - I don’t think “perform far better while being roughly as efficient” is a fair characterization there - it performs better by about the same amount as it’s less efficient.

And the 5700X having low performance is taken into account by efficiency metrics - efficiency is performance divided by power draw, so whatever it in performance it more than gains in reduced power draw. (Of course, you might value your time more than your electric bill.)