Indeed. The rise and fall of RISC designs coincides with a period where CPU and memory speeds were much better matched, and there was an
extreme premium on the number of gates consumed by your design, to fit it all in a single economically manufacturable (i.e. small) silicon die.
I say "fall" because ARM had an additional advantage, the market which they were targeting couldn't afford ceramic packages, only plastic, and they didn't have the simulation capability to confirm their 2nd design would hit their power dissipation target (they were in fact using chips from their 1st design), so they were very conservative and hit their target with a very large margin to spare, maybe a factor 10?
So with that extra advantage, and a good business model (better than any competitor at the critical times? Certainly MIPS), they got more and more design wins where power was a consideration. In 2001 at Lucent I worked on a power constrained monster board that provisioned something like 300 modem lines, it had specialized ADI chips to do the heavy lifting, they were controlled by a bunch of ARM chips, and it had one housekeeping MIPS chip that was standard for these boards. And they pretty much own the mobile market that isn't tied to x86 by an existing software base, or that needs more horsepower than they're currently offering.