That definitely seems to be the case. I think they likely would have more luck with Riscv phones (much less app brand loyalty). or servers (arm in the server has done a lot better than on windows)
For Nvidia, if they made a consumer riscv cpu it would be a gaming handheld/console (Switch 3 or similar) once the AI bubble pops. Before that, likely would be server cpus that cost $10k for big AI systems. Before that, I could see them expanding the role of Riscv in their GPUs (likely not visible to to users).