Just as a thought experiment, consider the fact that the i80486 has 1.2 million transistors. An eight core Ryzen 9700X has around 12 billion. The difference in clock speed is roughly 80 times, and the difference in number of transistors is 1,250 times.
These are wild generalizations, but let's ask ourselves: If a Ryzen takes 1,250 times the transistor for one core, does one core run 1,250 times (even taking hyperthreading in to account) faster than an i80486 at the same clock? 500 times? 100 times?
It doesn't, because massive amounts of those transistors go to keeping things in sync, dealing with changes in execution, folding instructions, decoding a horrible instruction set, et cetera.
So what might we be able to do if we didn't need to worry about figuring out how long our instructions are? Didn't need to deal with Spectre and Meltdown issues? If we made out-of-order work in ways where much more could be in flight and the compilers / assemblers would know how to avoid stalls based on dependencies, or how to schedule dependencies? What if we took expensive operations, like semaphores / locks, and built solutions in to the chip?
Would we get to 1,250 times faster for 1,250 times the number of transistors? No. Would we get a lot more performance than we get out of a contemporary x86 CPU? Absolutely.