@never_released still not really a mainframe guy, but IIUC they're not really about CPU performance and they haven't really been all that compelling at that in a long time.
I'm always a bit lost when trying to read through the IBM manuals, but looks like they still have a bigger single shared memory domain that Intel or AMD -- 64TiB on the IBM stuff, 32TiB on Intel and 12TiB on AMD. They're also got some crazy-sounding cache sizes (36MiB private L2, for example), and I think that's part of how the handle their huge systems (though the other systems seem to be catching up there, too).
I've also really never understood their I/O architecture, but IIUC they push a lot of stuff that PC-derived systems would do on the CPU into the I/O subsystem's co-processors and that's part of the mainframe magic -- though with modern I/O stuff I'm not sure how true that is any more, the high-performance stuff is pretty hands-off from the CPU side of things and has a decent amount of compute living on the other end of PCIe.