I have a hard time believing the lower clock speed is due to anything other than N3B. ARL runs into very similar clock limits as Zen 4/5 when overclocking (talking stable whole CPU). It's bad enough that an overclocked 285K isn't likely to match a stock 14900K clock speed wise.
Part of it is the node and part of it is how you design for it.
We know Intel originally planned for Arrow Lake to launch on 20A. Perhaps that version of at least the Lion Cove cores was more frequency-optimized. With Arrow Lake, and the time frame in which it was delivered on N3B, I think they probably just reused the layout they did for Lunar Lake, which would be more efficiency-optimized than frequency-optimized. If true, it doesn't mean more wasn't possible on N3B, just that they didn't have enough time to get there.
As for Zen 5, don't forget that it's on a N4-class node, not N3B. Zen 5C is on N3B, but their C-cores trade high frequencies for improved density and efficiency. And actually, I think even their full-frequency cores are more server-optimized than desktop-optimized. Just a quick look at the highest-clocking variant of Turin should drive home this point that server CPUs don't come anywhere close to the kinds of frequencies Zen easily hits on the desktop.
Yeah, that's a 4.5 GHz all-core boost, with max single-core boost at only 5 GHz. And for that, what you give up is fully half of the total cores you
could have. And yet it still burns up to 400 W.
So, further frequency-optimizing Zen 5 would've benefited
only desktop and not their main market - servers. Probably not a good thing for the high-end laptop CPUs that use them, either.