This is not correct unless you factor in the hardware cost.
If you changed graphics cards to use 0.1% of their current power, then miners would not immediately buy 1000 times more graphics cards.
If you changed graphics cards to use 0.1% of their current power, then miners would not immediately buy 1000 times more graphics cards.
If there really was an overnight 100x improvement there would be a lot of lag, but in the long run the cost is mostly the energy. So if efficiency slowly goes up 100x people will generally use 100x the computing power, and use the same overall energy.
There's some difference because of the ratio of silicon investment to wattage cost over time, but that's the overall shape of it.