No. You're comparing apples and oranges.
[0] https://ec.europa.eu/eurostat/documents/15216629/24279737/KS... [1] https://wage.is/china/
No. There is no argument being made regarding "legacy hardware’s power inefficiency isn’t as big of a deal when electricity prices are lower".
That's just complaining that Western Europe has high energy prices compared to China without taking into consideration how different these economies are.