Does the architecture license just allow them to create a CPU that uses the ARM ISA? Or does it include other ARM IP as well?

limited to an very old architecture no one is using anymore.

ex-ARM employee here.

I thought the point is the architecture license lets them design their own?

Also Intel clearly has some sort of license that covers modern cores as well, given it manufactures FPGA's with various newer ARM cores based on its purchase of Altera.