RISC is more about the time each instruction takes rather than how many instructions because consistent timing reduces bubbles and complexity. In this sense, RISC has completely won. Complexity of new instructions in the main pipeline is very restricted by this limitation and ISAs like x86 break down complex instructions into multiple small instructions before pushing them through.

ARMv9 still has very few instruction modes with far less complexity when you compare it with x86 or some other classic CISC ISA.

> memory access performance hasn't increased to the same extent as compute performance, thus putting a relatively bigger emphasis on code density.

The problem isn't RAM. The problem is that (generally speaking) cache is either big or fast. x86 was stuck at 32kb for a decade or so. Only recently have we seen larger 64kb caches included. Higher code density means more cache hits. This is the big reason to care about code density in modern CPUs.

RISC-V shows that you can remain RISC and still have great code density. Despite arguably making some bad/terrible decisions about the C instructions, RISC-V still generally beats x86 in code density by a significant margin (and growing as they add new instructions for some common cases).