I feel like there are cases where burning an entire core on busy waiting will result in better overall power consumption than if we sleep and yield as much as possible throughout.
Bringing a core back from the dead each time can be a very expensive operation. If you never yield to the operating system, your working set is ~guaranteed to be hot. Communicating information is substantially more expensive than processing information in terms of energy consumption. DRAM and infinity fabric don't work for free. One AMD CCX maxed out is nothing compared to saturating the memory subsystem.