Earlier quoted context omitted.
It's not year over year. It's 2 years. It's disappointing because M4 is significantly ahead. I would expect Zen to make a bigger leap to catch up. Also, this small leap opens up for Intel's Arrow Lake to take the lead.
Process node advantage is real.
This difference in efficiency cannot be explained by node advantage alone as N3E vs N4 is probably around only 15-20% more efficient.