I'm also assuming that ARM code density was better than Alpha (conditional opcodes being a major contributor).
"Well, we were looking at doing a low power Alpha and decided that just couldn’t be done, and then looked at the ARM. We think we can make an ARM which is really low power, really high performance, really tiny, and cheap, and we can do it in a year...
"Well, I worked on the StrongARM 1500, which was a very interesting product. It was an ARM and a DSP kind of highly combined... And then we finished that project and our group in Palo Alto, we were just gonna start an Alpha project."
https://archive.computerhistory.org/resources/access/text/20...