I'm not even why we're supposed to care about a newly launched core beating one that was released in 2017. If that's the bar they've set, I'm not exactly wowed.
Look at the trajectory for ARM catching up with Intel. The trajectory for RISC-V is even faster. That’s at least mildly indicative of where the future is headed.
The first 4 minute mile record was set in 1954. Now there are a bunch of people who have done it. Once formerly new techniques start to be known and distributed, it becomes much easier to catch up.
Remember, RISC-V doesn't have to beat ARM -- only come close enough that the price differential outweighs the performance difference. This is already happening on the low-end end and it's only a matter of time (IMHO) before this becomes reality on the high-end too.
Not every task requires the latest and fastest CPU. ARM makes and sells a huge number of smaller slower lower power cores -- numerically far more than the high end cores in SmartPhones -- and RISC-V is there competing with all but the very high end.