Here is the solution from AMD that might solve the latency issue of chiplets APU. AMD has SAM (Smart Access Memory) for a year now, aka Resizeable Bar. I don't know it will be implemented on Phoenix Point but it provides me with good thinking out of it: Can PCIe replaces integrated memory controller?
PCIe is a serial bus protocol, so it is cost effective and uses less pin counts. With each new version, the bandwidth keep on increasing: PCIe 5.0 x16 can transfer 63GB/s which is still less than dual-channel LPDDR5-6400 @ 100GB/s. PCIe 6.0 x16 which has been introduced in 2022 doubles up to 121 GB/s finally has enough bandwidth. In fact CXL 3.0 (essential PCIe for DC) has CXL.mem protocol acting like memory extension.
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