There are far less advantages in both directions than you might think.
The reason is, that currently there are actually no modern x86 CPUs on the market. Both Intel and AMD don't actually use x86 cores, but instead proprietary RISC cores, with microcode that translates the x86 code to RISC code on the fly at execution time.
ARM chips on the other hand don't use microcode, bun instead directly run their code on an ARM RISC core.
So the cores that do the actual execution are pretty similar. The usage of microcode, though, is the biggest difference. For ARM this is a small advantage for calculation power per watt. But for x86 CPUs that means that the microcode can be updated after production (so with a regular OS update) to fix bugs or improve performance.
The actual performance or power consumption differenced come down to the manufacturers, their priorities and their research. Intel actually made quite decent x86 phone CPUs, but marges were too low for them and the competition had too much of a headstart.
Also, high performance ARM CPUs for desktop and servers are totally possible, but x86 has almost 100% market share there and had that for almost 20 years. That's a very tough market to break into. But it's totally possible, as seen with Apple.
So it has much more to do with money, markets and customers, than with actual advantages of the architectures.
What is the difference between ISAs and implementations?
When talking about ISAs, people often confuse the advantages of specific ISAs with the advantages of specific implementations.
So for example, you will often hear things like "x86 has more performance" or "ARM is more power efficient". These things don't actually have anything to do with the ISA, but are implementation specific.
The ISA is nothing more than the language the CPU speaks. It does not say anything at all about the implementation.
So saying "ARM is more power efficient", because you have seen a few power-efficient ARM CPUs is like saying "People who speak German are blond".
The real difference is that there are two strong mobile ecosystems that mainly use ARM (Android and iOS). You can run Androidx86, but many apps won't work on x86 (Source: me, I had an x86 tablet).
So because ARM is used a lot in mobile devices, there will be more funding for mobile ARM CPUs.
And there are very strong x86 ecosystems for desktop and server, so there is more research into high performance x86 chips.
Counterexamples
The Intel Atom x6200FE has a TDP of 4.5W. That's less than half of the Snapdragon 888, which has a TDP of 10W.
The Ampere Altra Max is a 128 Core Server ARM CPU, with a TDP of 250W. This thing strips the socks off most x86 CPUs on the market, in terms of performance.