Yes, but several writers claim Intel requires very large profits in order to consistently fuel those process node advances.
If that is true, then ARM doesn't necessarily need to beat Intel outright. All ARM would need to do is lower Intel's profitability *just enough* over time in order to slowly starve them out.
First of all, Intel spends more in paper towels and tampons for its workers than their closest competitor earns in a year.
Beyond that, Intel recruits within its own ranks for their leadership jobs and looks internally first and only at the very best of anyone else externally.
Going beyond all this, Intel has a Grovian mindset that only the paranoid survive because Intel was caught sleeping with the P4 and it is not going to repeat that corporate mindset that led them down that road.
Worse yet, is that this paranoia has displaced complacency on a corporate level and it has become the tacit mantra of everyone at Intel.
I'd like to say they are like the borg, but their ideal is different and vastly more frightening in that the Borg would preserve your uniqueness and add it to its collective; Intel will just mow your ass down and not bother to look back because you aren't all that smart and distinctive after all.