I believe they can, if they move away from the clockspeed ideology.But your argument doesn't hold up at all because Zen 5, Lion Cove and Zen 6 all deliver meager ST improvements. It isn't a choice of more MT at the expense of ST. MT is the only thing they can increase more than 10-15% next generation.
In the Golden days of scaling, you were uarch limited in terms of clocks so high pipeline stages got you a lot more. So 40% increase in pipeline might have resulted in say 25-30% increase in clocks. 10 vs 20 stages might be 60-70% difference in clocks. 3GHz vs 5.xGHz is a lot to overcome.
Now you have 9-10 stage pipeline CPUs reaching 4.4GHz, and above 5.X GHz you run into thermal density issues, so you need to do stupid things like widen the space between transistors to reduce that making it larger too. And you are doing that even though the 5.x GHz CPU has a near 20-stage pipeline. You have chips like Raptorlake literally frying itself with extra voltages to get to 6GHz.
And uop caches are better avoided. The reason? The more the cores are limited by power, die size, lower scaling, the less speculative gains are worth it. Uop cache hit is at best a chance on hit, while avoiding it and increasing it elsewhere is a guarantee. Branch predictors will never hit 100% accuracy, so there's always room for uncertainty, so those extra stages make it worth. Remember that the uop cache itself adds 2 extra stages on a miss, which is why we went from 14 stages on Core to 14-18 on Sandy Bridge.
The OC headroom for modern CPUs are zero for this reason as well. While it has been painfully slowly creeping up, above 5GHz has always been the domain of exotic cooling, regardless of pipeline stages. What happened was cooling has not only advanced, but become significantly larger too. You should see how small "power hungry" Prescott heatsinks are compared to the modern literal aluminum bricks. Or how water cooling has become common, when it used to be exotic cooling domain too.
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