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Depends what you mean by “making a dent”. Apple aline doubled market share. With Qualcomm and nvidia entering the space, if Microsoft make a good translation layer for Windows, it’s possible too see others make a dent.
They don’t need to lead to take 10% of Intel sales and this would be a huge dent (for investors)… so I think this declaration is for the market, but Intel should be worried.
Even because you don’t need to beat the top x86 in performance. If you have a mid range CPU with MacBook battery life, it will be enough for many to buy the ARM one, since many users would want this but with Windows