Earlier quoted context omitted.
Is it able to use 26.5W while using both GPU and CPU without degrading performance? The answer is no. 26.5W is only for the CPU. If you also need to use GPU then it throttles or consumes more.
It has a maximum power consumption of 39W, with an idle consumption of 6.8W. Both measured “on wall”, so including ram, storage and everything else. Compare it to the previous (Intel) generation that uses 20W idle and 122W under load, while not matching the M1 in neither CPU nor GPU performance. https://support.apple.com/en-us/HT201897
That being said, RAM and storage is pretty negligible. LPDDR4/X uses around 0.2-0.5w, and around 0.1-0.05w for storage.
There is also no reason to compare to Intel. The competition for Macs aren't older macs - newer macs are always going to be better than older macs. The competition is to what they could have been if they went for AMD, and to other computers of similar form-factors.
In both cases, you're comparing to AMD, not Intel.