In contrast, Qualcomm, just one of many large suppliers of ARM-based systems, had a total revenue of ~39 G$ and a operating income of ~10 G$. ARM's entire revenue would easily fit into Qualcomm's profit and only increase costs by ~12%. And that is just one supplier. You have Samsung, Apple, Broadcom, Google, Amazon, Nvidia, TI, NXP, etc. to help round that out.
The total impact of ARM licensing and IP costs is almost certainly less than 1%. And given that RISC-V does not currently have a fully mature ecosystem, you get to trade that for a 1% cost improvement; not really a winning strategy right now.
It is likely the main advantage in the long run for RISC-V is that not requiring a license might enable a more vibrant ecosystem due to removing the licensing barrier which might enable better designs at comparable costs (because, again, the cost differential should only be on the order of 1% in the long run) rather than just creating comparable designs that just chip off the licensing cost. That or RISC-V could win because the giant manufacturers feel like putting the squeeze on ARM to drive 1% off their BoM.
[1] https://www.acquired.fm/episodes/how-arm-became-the-worlds-d...