As the technology scaling advances, limitations of traditional memories in terms of density and energy become more evident. Modern caches occupy a large part of a CPU physical size and high static leakage poses a limit to the overall efficiency of the systems, including IoT/edge devices. Several alternatives to CMOS SRAM memories have been studied during the past few decades, some of which already represent a viable replacement for different levels of the cache hierarchy. One of the most promising technologies is the spin-transfer torque magnetic RAM (STT-MRAM), due to its small basic cell design, almost absent static current and non-volatility as an added value. However, nothing comes for free, and designers will have to deal with other limitations, such as the higher latencies and dynamic energy consumption for write operations compared to reads. The goal of this work is to explore several microarchitectural parameters that may overcome some of those drawbacks when using STT-MRAM as last-level cache (LLC) in embedded devices. Such parameters include: number of cache banks, number of miss status handling registers (MSHRs) and write buffer entries, presence of hardware prefetchers. We show that an effective tuning of those parameters may virtually remove any performance loss while saving more than 60% of the LLC energy on average. The analysis is then extended comparing the energy results from calibrated technology models with data obtained with freely available tools, highlighting the importance of using accurate models for architectural exploration.