I can't draw on our Waeco upright in the caravan as a comparison. It's larger - 140L compared to the 60L capacity of the Engel - but more importantly it's an upright. This has other connotations that make the Engel superior but not for the reason you'd expect.
Being a chest fridge, the Engel (just like the ARB) is basically a box that the "cold" sits in. Cooler air is denser and happily falls. Open the lid of your chest fridge and you don't create too many problems.
Our Waeco, being an upright, opens from the side of the 'box', so when we open the door to get something out, there's an immediate rush of cool air that falls out of the fridge. We have a thermometer inside and you can tell when someone's opened the door - the temp rises by a couple of degrees!
That means our Waeco has to cycle longer and harder to bring the temperature back down. The fact that its condenser is hidden away inside the unit to make the surface smooth is not so much the problem, so I can't compare the two here.
I stand by my previous statement about the ARB chest fridge, though. My Engel is well and truly out of warranty, and if it claps out on me, I'm heading to ARB for its replacement, because that fridge ticks many more boxes for me than any other on the market.
I'll happily wear a small hit on condenser's heat exchange rate for the other benefits. Judging by the average power consumption of the ARB unit, it uses less power than the Sawafuji-driven Engel anyway - so it's going to be a real winner. Take a look at page 10 of that brochure. Over 24 hours that's a 7Ah difference, and for me - using a 50Ah deep cycle to drive it - that's a definite plus on the ARB fridge side.