Okay, you aren't framing your question correctly. Your question has almost nothing to do with x86 vs ARM. Those are CPU instruction sets. They are unrelated to the GPU, radios, or any other particular non-CPU subsystem.
What you are actually asking about is a comparison between two particular series of SoC (system-on-chip). Specifically, the Atom Cherry Trail SoC and likely the Qualcomm Snapdragon 810 (the best Qualcomm SoC available when Hololens was released). That 's important because you are interested in all the components that make up the SoC and those components can vary from one SoC to the next, no matter what instruction set the integrated CPU employs.
So, Hololens uses WiFi. Nothing else. AFAIK all modern SoCs are pretty much identical in that regard. All the other wireless stacks (cellular, etc), where some ARM based solutions may have advantages, just don't matter for Hololens. A draw.
I'm not up-to-date on GPU performance of modern Atom and Snapdragon chips, but last week I was told by a Hololens dev that the graphics subsystem is currently limited to models of about 30'000 polygons. If that's true, then the GPU is also pretty much irrelevant. Any half decent GPU can handle models of that complexity. Also a draw, at least for now.
I can see the GPU becoming an issue if the polygon limit is removed somewhere down the road. On the other hand, MS is apparently working on a way to render the graphics remotely and just send the rendered images to the headset over WiFi, in which case the Hololens wouldn't need a GPU at all.
So, even after re-framing the question, I still can't think of anything that would make me view either SoC as having a notable advantage. At least for the moment. I wouldn't go so far as to say there is none. For example, MS designed a separate chip to handle visual processing. If that chip is integrated into the system over a PCI interface (just a guess on my part), then an Intel based solution is the obvious choice. I'm not aware of any ARM based solution that integrates a PCI interface.
Most of what makes Hololens what it is resides in the custom built processor and MS' software. The SoC itself seems rather unimportant in comparison. At least that is my current take on it.