Yeah, ARM's big advantage is that they are willing to make absolutely zero margin on chips, which allows them to play both ends of the spectrum. They can make Celeron-tier chips that don't take any power and practically given away for free and use that as evidence of ARM's superiority in things like the M1 and supercomputers.

Even as Intel is declining, it still makes way, way more money than ARM does. If Intel wanted to play in the lose-money business, it could make something to kick the pants off of ARM's chips. It just would rather not.