There is a reason they didn’t mention the term ARM once at all in the keynote. It is because Apple’s ISA is probably not compatible fully with the standard ARM instruction set. Well it probably is, but they have probably implemented so many custom instructions in order to integrate functionality fully optimized with their custom chip designs that macOS probably won’t even run on anything other than Apple Silicon at all.
They didn’t mention it in the keynote because the keynote is a sales endeavor and regular users don’t care about ISA.
It was mentioned quite clearly that it is Arm in the afternoon session.
Also:
“ The system prefers to execute an app’s arm64 instructions on Apple silicon.” (https://developer.apple.com/documentation/apple_silicon/about_the_rosetta_translation_environment)