The point is processors are either slow and efficient, or fast and inefficient. It's just a tradeoff along the curve.
Indeed pretty much any architecture can benefit from some form of op cache, but less of a need for it means its size can be reduced (and savings spent in more useful ways), and you'll still need actual decoding at some point anyway (and, depending on the code footprint, may need it a lot).
More generally, throwing silicon at a problem is, quite obviously, a more expensive solution than not having the problem in the first place.
Also, x86 isn't even that efficient in its variable-length instructions - some half of them contain the byte 0x0F, representing an "oh no, we're low on single-byte instructions, prefix new things with 0F". On top of that, general-purpose instructions on 64-bit registers have a prefix byte with 4 fixed bits. The VEX prefix (all AVX1/2 instructions) has 7 fixed bits. EVEX (all AVX-512 instructions) is a full fixed byte.
ARM64 instructions are 4 bytes. x86 instructions in real-world code average 4.25 bytes. ARM64 gets closer to x86 code size as it adds new instructions to replace common instruction sequences.
RISC-V has 2-byte and 4-byte instructions and averages very close to 3-bytes. Despite this, the original compressed code was only around 15% more dense than x86. The addition of the B (bitwise) extensions and Zcb have increased that advantage by quite a lot. As other extensions get added, I'd expect to see this lead increase over time.
https://people.eecs.berkeley.edu/%7Ekrste/papers/EECS-2016-1...
So there’s another small factor leaning against x86 - inferior code density means they get less out of their icache than ARM64 due to their ISA design (legacy cruft). And ARM64 often has larger icaches anyway - M1 is 6x the icache of zen4 iirc, and they get more out of it with better code density.
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A715 cut decoder size a whopping 75% by dropping the more CISC 32-bit stuff and completely eliminated the uop cache too. Losing all that decode, cache, and cache controllers means a big reduction in power consumption (decoders are basically always on). All of ARM's latest CPU designs have eliminated uop cache for this same reason.
At the time of publication, we already knew that M1 (already out for nearly a year) was the highest IPC chip ever made and did not use a uop cache.