RISC-V has only one good feature for code density, the combined compare-and-branch instructions, but even this feature was designed poorly, because it does not have all the kinds of compare-and-branch that are needed, e.g. if you want safe code that checks for overflows, the number of required instructions and the code size explode. Only unsafe code, without run-time checks, can have an acceptable size in RISC-V.
ARMv8 has an adequate unused space in the branch opcode map, where combined compare-and-branch instructions could be added, and with a larger branch offset range than in RISC-V, in which case the code size advantage of ARMv8 vs. RISC-V would increase significantly.
While the combined compare-and-branch of RISC-V are good for code density, because branches are very frequent, the rest of the ISA is bad and the worst is the lack of indexed addressing, which frequently requires 2 RISC-V instructions instead of 1 ARM instruction.