The binary sizes are also similar when I last measured. Keep in mind that (a) ARM and AArch64 have quite a few addressing modes as well; (b) ARM has things like

The binary sizes are also similar when I last measured. Keep in mind that (a) ARM and AArch64 have quite a few addressing modes as well; (b) ARM has things like LDMIA/STMDB and AArch64's LDP/STP that compress function prologs and epilogs; (c) more registers means you don't have to spill as much; (d) three address instructions are often more compact than a MOV plus a two address instruction, which helps with typical register allocation algorithms.