And CPU power consumption is only part of the whole system. And a lot of the system power scales with bus speed rather than inverse CPU age. It's possible recent systems will consume more electrons than older systems.
Except that modern apps and modern websites can be so demanding compared to their vintage counterparts, that they'll rev an old CPU at full tilt for basic modern tasks, while for a new CPU will seem to be idling at the same tasks.
Just try watching 1080p AV1 youtube videos on a vintage CPU vs one with dedicated AV1 decoder and you'll see what I mean. Yes I know h264ify exists, but its existence only reinforces my point.
I have an core 2 quad CPU at my parents place and simply browsing the web (with adblocking enabled even) pegs it at 100% most of the time sucking >90W. Meanwhile a mid level android phone barely breaks a sweat sipping battery on the same tasks.