Yes, that's a big reason why the valuations are different. ARM's designs being so central to the products of so many companies has occurred only because of ARM's licensing terms being so liberal, including things like forward pricing caps, MFN clauses, etc. They basically chose to trade away pricing power (hence margin) for ubiquity and longer-term relationships.

This is the current LucasFilm Games model. No more artists, only managers and sales who have no true vision for their IP.

And everyone actually making competitive products was doing so because of their own extensions, not whatever Blizzard did.