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Yes, it absolutely could from a total platform perspective. DRAM and power delivery are part of the power consumption for the chip. If you want to see what happens when AMD and Intel guys do this, I have terrible news (directionally it isn’t good for Apple CPUs if we start comparing like that.)
I’ll paste Andrei’s comments on this when asked if these M4 ST numbers were reasonable (and he has the curves for M2/3):
“if they're idle-norm then yes”
(Meaning yes 11W is possible and they’d be higher if they didn’t subtract idle due to display).
Mind you he’s measured from the VRMs in their other chips. Sorry fellas but I am going to take my own views, most of Chips n Cheese, or Andrei over this zealotry.