you seems to be conflating thrust(momentum) and energy a bit - linear on speed vs. quadratic on speed in classic case. It is very similar to photon drive - a lot of energy carried away by the photons while they generate too little thrust.

If there is a genuine effect, and as EmDrive generates more thrust than photon drive for the same energy, it would mean that EmDrive does eject some small mass at large speeds (kind of like super ion thruster) - whether it is some mass chipped from the EmDrive (i'd bet it is the case) and/or created using the spent energy (say some smaller mass boson interaction with some field which looks less probable to me) - that we don't know yet.