Instruction decode for variable length ISAs is inherently going to be more complex, and thus require more transistors = more power, than fixed length instruction decode, especially parallel decode. AFAIK modern x86 cores have to speculatively decode instructions to achieve this, compared to RISC ISAs where you know where all the instruction boundaries are and decoding N in parallel is a matter of instantiating N decoders that work in parallel. How much this determines the x86 vs ARM power gap, I don’t know, what’s much more likely is x86 designs have not been hyper optimized for power as much ARM designs have been over the last two decades. Memory order is another non-negligible factor, but again the difference is probably more attributable to the difference in goals between the two architectures for the vast majority of their lifespan, and the expertise and knowledge of the engineers working at each company.