There are diminishing returns when the power consumption of a CPU/GPU increases. The efficiency might have decreased because Apple allows M4 to consume more power, which should increase the performance slightly. The current analysis is based on the maximum load and maximum power, which is not enough to analyze the efficiency of a CPU/GPU because it won't be used under full load all the time in practice. A better analysis would be to compute the performance (or efficiency) for several different TDP values, e.g., 5W, 10W, 15W, etc., to see how efficient it will be in everyday tasks. This is important for battery life, heat, and fan noise in a typical usage.