From what I've seen even current AMD CPUs are competitive with M1. Ryzen 4900HS has a fair lead in multicore performance and close single threaded. Of course, all this at a higher power and fans running as a jet engine.
But AMD is one process node behind, and one architectural node behind their desktops (Zen 2 on 7nm).
So, OEMs can use the perf gains from both the advancements to lower the TDP a bit,(ex 10%), put a larger battery. And this can result in a competitive product, even with the rumored M1X, since Ryzens already have the multicore lead.
That being said, from I read, the next mobile Ryzens will be 5000 series, released in a month, at 7nm. So only a ~20% IPC uplift is expected. Also probably TSMC's 7nm improved a bit. Nothing to scoff at, but not as exciting as a new process node.
Anyway, we'll see soon enough.