Are we really sure ARM is where the advantage here is with Apple? Not the 5 nm process? Let's be real, it's just on par with the Zen 3 in single threaded perf

Are we really sure ARM is where the advantage here is with Apple? Not the 5 nm process? Let's be real, it's just on par with the Zen 3 in single threaded perf which is on a 7nm+ process. When Zen 4 comes it might be moot. AMD's entire market cap is practically on par with Apple's cash on hand (so very different companies in terms of size/capability) yet they are equal in performance single threaded? Not only that, in practical terms the AMD chip is very desirable in many situations because it has twice the cores.