Comment by Numerlor
The efficiency is only worse because the CPU can use the power without burning itself up unlike the last generation's X3D. And efficiency is always better at lower clocks. You can get this generation's efficiency uplift by limiting its power to the levels where last generation's CPU started throttling to keep its 89C Tjmax, but that will inevitably also limit the frequency that's the main performance uplift for the CPU
For comparison on how limited last gen's X3D was wrt power, tom's hardware has it on 71W with all core AVX, while my 7600X with 2 fewer cores consumes up to 130W
If I can summarize what you wrote: Same IPC gain as normal Zen5 but more power can be drawn to increase performance due to moving the cache chiplet to the bottom.