It looks like it wins even with a smaller power budget. Apple is going to have to pull a rabbit out of the hat with the M3 for it to be competitive.

https://www.xda-developers.com/snapdragon-x-elite-benchmarks... shows a 23W Qualcomm processor having almost 50% higher multicore performance than an M2 on Geekbench and more than doubling the multicore performance on Cinebench.