1. Innovator's dilemma: https://en.wikipedia.org/wiki/The_Innovator%27s_Dilemma
ARM in this case is the underdog, attacking the incumbent x86. It is the lesser tech because it started from "below" (lower value niches not taken by the incumbent which prefers higher profit margins).
2. RISC vs CISC has never been settled. Until Apple (and Amazon super recently) produced their super recent architectures based on ARM, x86 was considered superior. Yes, RISC was theoretically better in the 80s and later 90s, but x86 has been reinvented successfully 2 times (micro-ops and x86_64) and scaled from 0.2MHz to 5Ghz. It's also a mix of CISC and RISC, it's not pure CISC now. Same for ARM, they've added various instructions which bring it closer to CISC.
As far as I can see the only real difference these days is the constant length of instructions for ARM: https://erik-engheim.medium.com/why-is-apples-m1-chip-so-fas...