Apple's x86 emulation is otherwise very impressive, and not many games are bottlenecked on the CPU, especially at high resolutions.

Bigger overhead for AAA games is likely due to emulation of DirectX or Vulkan on Metal, but that's just Apple's stubborn choice to have it that way.

In the end, none of that matters. I won't be playing Cyberpunk at 14fps, without RTX, and comforting myself that the SoC could do maybe 28fps without emulation. Lower-tier Nvidia cards perform better, even when paired with slower CPUs.