ARRIRAW vs BMRAW Waveforms from ACES Demo

[Jonas Schubach]

In this demo on ACES (https://www.cinematography.net/CML - ACES for cinematographers, the simple approach and why you need it.html, at TC 26:05), Geoff Boyle pulls up the waveform scopes of an Alexa and an Ursa and as he looks at the noise levels in the shadows he laughs and says: "One is 70grand camera, and the other is a 7grand camera..." (paraphrased) It seems quite obvious to him, but I'm not sure what the scopes are telling me here. I'd say I can see that the Alexa is noisier, perhaps that is because less NR has been applied.

Can anybody perhaps point out to me what big difference in these waveforms Geoff was referring to?