Except...
Whilst I acknowledge that the M1 macs are pretty good, Intel power pcs on everyone else's desks that work just fine for the standard Microsoft Office workload. Intel are not miles behind, they are just not ahead. In the world of Enterprise Applications x86s compatibility with legacy code is going to be important to many large organisations.
Meanwhile Apple with probably pull support for Rosetta2 in a couple of years (like last time), but Photoshop and Logic will keep working and the most users won't care.
So whilst Intel have not innovated at the speed us techies would have liked, x86 is here to stay in the non-apple world.