Don't forget that Intel is using TSMC N3E for Lunar Lake, which cuts into their margins substantially; 18A yields are rumored to be abysmal. FOVEROS packaging, while the future of the industry in general, is also much more expensive than monolithic SoCs and Intel is forced to do this now instead of later. Even if Intel holds on, they won't be able to reinvest as much into their own R&D.
Windows on ARM's key component are now in place with native builds of popular
browsers, productivity and media editing suites. Once the remaining VPN companies port their code, I see no problem with deploying ARM devices in many large corporate environments which deploy pre-defined, pre-tested suites of software. If you need x64 performance, just RDP into such an instance...