A 10-stage EML pipeline would be about the size of an avx-512 instruction block on a modern CPU, in the realm of ~0.1mm2 on a 5nm process node (collectively including the FMA units behind it), at it's entirety about 1% of the CPU die. None of this suggests that even a ~500 wide 10-stage EML pipeline would be consuming anywhere near the power of a modern datacenter GPU (which wastes a lot of it's energy moving things from memory to ALU to shader core...).
Not sure if you're arguing from a hypothetical position or practical one but you seem to be narrowing your argument to "well for simple math it's less efficient" but that's not the argument being made at all.