I estimated few years ago, that ARM could reach x86 performance and surpass it. I dont think it is quite there yet, but I dont think raw computing performance actually matters. What matters for most users, is how smooth scrolling is, and how much time it takes to start an application, or how fast animations are. That has little to do with the CPU performance, and these things are already faster on a ipad than on a low end laptop.
Apple was in the perfect position to change to ARM, and they had a huge incentive to do this. Majority of their income is coming from the appstore, selling third party applications, that require little to no investment on their side. They are building the same walled garden with their macs now, and they expect similar income. In fact probably the only reason that they are not selling their phones and macs for a nominal fee, because they want to appear premium, and that is easier, if you sell your device for 999 than for 500.
And one thing to get straight: Intel's nodes are better than TSMC's or Samsungs interms of transistor density. Meaning that they have better densities on 10 nm, than others on 7, they are just measuring it differently.