Fast-forward to today, and Apple is arguably in the same boat as Intel. They have mediocre year-over-year density improvements (only a 1.5x-2x density improvement most years) and can't radically change their IPC with ISA updates. They pay hand-over-fist for TSMC's best nodes but lose out on profit margins to Nvidia's datacenter products. Adding insult to injury, Apple arguably has the worst modern desktop GPU architecture, which compounds the acceleration issues ARM has with SIMD and vector workloads. Apple Silicon is backed into a corner, from a design perspective. Ye olde "I'm a RISC machine that wishes I had CISC architecture" problem.
Still a great chip for browsing the web or editing video. But again, people cautioned back at the M1's launch that ARM is hardly a silver bullet. We still have x86 laptops because for >90% of PC use-cases, ARM isn't worth the licensing cost.
x86 licensing costs are complicated. The basic old 16-bit architecture is very well-documented, and while it's proprietary it's still implemented in hundreds of products and clones. Modern 32-bit and 64-bit implementations have a lot more ISA extensions that would be costly to license and hard to develop on your own. As a result, modern x86 designs can really only be made by licensing Intel or AMD technology.