Basically while it can be more energy efficient, it can also run more power and be more powerful. And it is larger than the previous generation, and it also includes ProRes acceleration instead of just H264 acceleration in the chip. Also it has more memory capacity, 24 vs 16 and at 100GB/sec vs 68GB/sec in the previous M1,
And the larger chip will have Max and Ultra versions and I am betting the quad version that will be in the next Mac Pro, which makes me happy that they didn’t yet release the MacPro as if it is based on this it will beat out the current Mac Studio, though will certainly be quite expensive.