The compressed RISC-V encoding must be compared with the ARMv8-M encoding not with the ARMv8-A.

The base 32-bit RISC-V encoding may be compared with the ARMv8-A, because only it can have comparable performance.

All the comparisons where RISC-V has better code density compare the compressed encoding with the 32-bit ARMv8-A. This is a classical example of apples-to-oranges, because the compressed encoding will never have a performance in the same league with ARMv8-A.

When the comparisons are matched, 16-bit RISC-V encoding with 16-bit ARMv8-M and 32-bit RISC-V with 32-bit ARMv8-A, RISC-V always loses in code density in both comparisons, because only the RISC-V branch instructions are frequently shorter than those of ARM, while all the other instructions are frequently longer.

There are good reasons to use RISC-V for various purposes, where either the lack of royalties or the easy customization of the instruction set are important, but claiming that it should be chosen not because it is cheaper, but because it were better, looks like the story with the sour grapes.

The value of RISC-V is not in its instruction set, because there are thousands of people who could design better ISAs in a week of work.

What is valuable about RISC-V is the set of software tools, compilers, binutils, debuggers etc. While a better ISA can be done in a week, recreating the complete software environment would need years of work.