macro2 doesn't call macro1. Look at its body:
`(macro1 ~x)
(func1 x)
The first line is syntax-quoted; its value is list structure of the form (user/macro1 x-value) (assuming macro1 is defined in the user namespace; x-value here is the literal argument provided to macro2) and it has no side effects. Because there are no side effects and the value is discarded, this line has no effect.
Responding to the edit:
Firstly, it is important to distinguish calling another macro inside a macros body from emitting a call to another macro:
(defmacro some-macro []
...)
;; calls some-macro:
(defmacro example-1 []
(some-macro))
;; emits a call to some-macro:
(defmacro example-2 []
`(some-macro))
Secondly, in the case of calling functions and macros inside a macro's body, one must keep in mind what the relevant notions of runtime and compile time are:
functions called by a macro will be called at the macro expander's runtime, which is compile time from the point of view of user code;
macros called by a macro will be expanded when the macro body is compiled.
If a macro emits a call to another macro, the notions of runtime and compile time relevant to the emitted macro call will be the same as those relevant to the original macro call. If a macro calls another macro, they are shifted one step back, as it were.
To illustrate, let's consider a macro that delegates all its work to a helper function:
(defn emit-abc [abc-name [a b c]]
`(def ~abc-name {:a ~a :b ~b :c ~c}))
(defmacro defabc [abc-name abc-vals]
(emit-abc abc-name abc-vals))
From the REPL:
user> (defabc foo [1 2 3])
#'user/foo
user> foo
{:a 1, :c 3, :b 2}
If emit-abc were itself a macro, the above definition of defabc wouldn't even compile, because emit-abc would attempt to destructure the literal symbol abc-vals, throwing an UnsupportedOperationException.
Here's another example that makes it easier to explain what's happening:
(let [[a b c] [1 2 3]]
(defabc foo [a b c]))
defabc receives the vector of the three literal symbols a, b and c as the second argument; it has no access to the runtime values 1, 2 and 3. It passes this exact vector of symbols to the function emit-abc, which is then able to reach into this vector and extract the symbols to produce the map {:a a :b b :c c}. This map becomes the expansion of the defabc call. At runtime a, b and c turn out to be bound to the values 1, 2 and three, and so the map {:a 1 :b 2 :c 3} is produced.
Suppose we tried to write emit-abc as a macro with the same body (just changing defn to defmacro in its definition). Then we couldn't usefully call it from defabc, because we wouldn't have any way of conveying to it the actual values of the arguments to defabc. We could write
(emit-abc abc-name [(abc-vals 0) (abc-vals 1) (abc-vals 2)])
to make defabc compile, but this would end up emitting abc-name as the name of the Var being defined and include code for the vector literal [a b c] three times in the generated code. We could however emit a call to it:
`(emit-abc ~abc-name ~abc-vals)
This works as expected.