They have managed to pull this sort of thing off many many times. https://en.wikipedia.org/wiki/Reality_distortion_field
This distinction doesn't change what the performance numbers look like today, but it does inform what changes would be necessary for those numbers to look different tomorrow. E.g. Apple Silicon isn't fundamentally orders of magnitude more efficient than x86, they just used smaller features. Newer Intel and AMD chips made on equivalent processes _also_ get similar efficiency gains.
If I get 10% more performance for 50% more cost it really depends on one's needs, for example.
It's the address space that's unified, not always the physical hardware.
The data movement (when needed) is handled transparently in the background by page faults and other tricks.
This is really not a limit because of unified memory -- in principle, PCIe GPUs could read/write main memory without the CPU. But it's a limit for /fast/ unified memory, because fast means close.
So unified memory is great as long as the integrated GPU is strong enough. Then it has two advantages: a) probably faster transfer CPU<->GPU (but that's an implementation choice for the non-unified case b) If you either need a lot of memory for the CPU or the GPU, but not for both at the same time, you pay for memory only once.
The reality distortion is that people seem to believe it's HBM, or somehow it gives you extraordinary amounts of vram. Neither are really true.
No, Mac laptops use LPDDR, currently LPDDR5X.