M2 is on TSMC N5. AMD's Zen 4 mobile processors are made with TSMC N4. From die shots, I believe the P-cores in the M2 are about the same size as Zen 4 cores. And yet Apple's M2 laptops are a good deal more power efficient than Zen 4 laptops.
Zen4 is competitive when it comes to actual computing. When doing (almost) nothing, the Apple system comes out on top, but that also has a lot to do with its software.
Source for this?
Geekbench and SPEC heavily favors Apple Silicon in both raw performance and perf/watt. The perf per watt is 2-3x.
The only CPU benchmark Zen4 wins in is Cinebench R23, which uses Intel Embree engine inside and heavily optimizes for x86 AVX instructions.