Yes, I think it's clear I'm looking at efficiency from a different point of view here. I see it more like an electrical motor or toaster than a car engine, but same difference I guess.
The difference is that motors and engines convert one form of energy (i.e. electrical or chemical) to kinetic energy. You can make direct, physical measurements of the resulting kinetic energy and heat energy, allowing you to say how much of the input energy resulted in kinetic energy vs. heat. There will be a 1:1 relation between input energy and output energy, so it's just a question of what form.
With a computer, you're emitting heat and radio waves. We don't really care about the radio emissions, but I guess those should comprise some proportion of its output. Maybe there are also chemical transformations, like perhaps electromigration, that store some of that energy in chemical bonds, but that should be a negligible proportion of the total.
The CPU is an electrical switch or series of switches,
A CPU is essentially a device for reducing entropy. The second law of thermodynamics holds that you can't reduce entropy in one system without increasing it in another. The heat output of the CPU can be seen as the latter increase in entropy.
Any amount of energy spent or wasted on internal resistance will be a net summed loss.
It's not "spent", but rather transformed into heat or radiation. Whatever electrical energy isn't lost... isn't lost.
When the CPU does almost the same amount of work on 65 watts as it does on 250 (for example), then where do you think all that extra power is going?
The extra power stays in the source. If you're only consuming 65 Watts vs. 250 Watts, that corresponds to a net reduction in the amount of electron movement in the wires. You talk as if it's going somewhere, but what's really happening is that more of the electrical charge just stays put.
BTW, remember that a Watt is Volts * Amperes; an Ampere is 1 Coulomb of charge per second. So, if you reduce power while holding voltage constant, then you must be reducing current, hence less movement of electrical charge.