They sold off a specific ARM-based product, one which doesn't get much press these days.
At the time Intel owned them, StrongARM and XScale were pretty much *the* mobile processors, alongside MIPS. Nothing Intel has done with ARM since has been done at the same scale and it'd debatable whether they've made anything viable with it.
I expect Intel still dabbles in ARM like Microsoft dabbles in Linux. They "do it", but there's not a whole lot of love, and you maybe don't want to get your core business too dependent on how they approach them.