Having looked at various benchmarks, it seems that the M1 performs as expected given its specs (TFLOPS, Gpixels/s and Gtexels/s) and sometime worse.
For instance, it's 40% faster than the intel Xe 96EU on 3DMark Wild Life, while I would have expected it to give 50% better performance given its specs.
In several of the tests performed by Anantech, the M1 performs worse than expected. In RoTR, the 1650 is 47% faster while its specs (FLOPS and such) are about 20-30% better.
I wouldn't blame rosetta, since it shouldn't make a difference at this resolution.
At any rate, I don't see much evidence than TBDR makes better use of the hardware, i.e, that the M1 performs closer to its theoretical maximum performance. It performs better than expected given its specs on GFXBench, but this is a a mobile benchmark that possibly makes use of half precision numbers in shaders, favouring mobile GPUs.
We're excited that the M1 Macs beat previous Mac models, but we're comparing it to some intel Iris garbage that has less than 1/6 the pixel fill rate.
However, the M1 GPU power consumption (7W in RoTR) is very low. I suppose the TBDR design and unified memory pay off here, and that's not just due to being on 5 nm.