Compute to watts ratio of Alder Lake isn't too good compared with AMD's one year old arch, but compute to money is, indeed, better. Intel caught up and overtook at the finish line on desktop processors (still lagging behind on mobile and server chips) on Windows 11.
But, considering AMD used to sell all their SKUs at half the price they're selling now, and still made a killing, if by ANY chance their inventory starts stagnating they can drop the price.
Thing is, they don't need to - they're selling everything they have at any price they want. And they can't produce more for now.
To put things in perspective, they're forcing Intel to externalize some of their mainstream SKU production - when Intel was denigrating AMD a few months back for being fabless...