Great to hear that Intel is finally competitive in this space again. If process improvements are coming on time (and they are, if Pat is to be believed), perhaps Intel can finally compete in low-power, high-perf versus M1.
Which says basically that most of these gains are more likely to come from fabrication technology, not architecture.
Now that's still a matter of perspective. If you got an early low-end CPU like a 1600 or even a 1600AF (got mine Jan 2020) and can now upgrade to a more recent, more high-end CPU like e.g. a 5600X or even 5900X the jump is pretty nice - and you get to keep your old board+RAM. Depending on your future computational requirements that system could be useful for quite a while. If you jump on that 5000-series CPU coming from something like Ivy Bridge, you'll still be able to use the system for the same time, but you will only have used the MoBo+RAM for a single generation. In that case the total amount of usefulness you get for your money is less, and you might be better off waiting for the upcoming socket.