AMD’s latest parts are actually quite close to M1/M2 in computing efficiency when clocked down to more conservative power targets.
They crank the power consumption of their desktop CPUs deep into the diminishing returns region because benchmarks sell desktop chips. You can go into the BIOS and set a considerably lower TDP limit and barely lose much performance.
Where they struggle is in idle power. The chiplet design has been great for yields but it consumes a lot of baseline power at idle. M1/M2 have extremely efficient integration and can idle at negligible power levels, which is great for laptop battery life.