The thing to understand is that the 8GB M1 has 8GB. When I run txt2img.py, my Activity Monitor shows a Python process with 9.42GB of memory, and the "Memory Pressure" graph spends time in the red zone as the machine is swapping. While the 16GB M1 Pro immediately shows PLMS Sampler progress, and consistently spends around 3 seconds per iteration (e.g. "3.29s/it" and "2.97s/it"), the 8GB M1 takes several minutes before it jumps from 0% to 2% progress, and it accurately reports "326.24s/it"
So yes, whether it's M1 vs M1 Pro, or 8GB vs 16GB, it really is that stark a difference.
Update: after the second iteration it is 208.44s/it, so it is speeding up. It should drop to less than 120s/it before it finishes, if it runs as quickly as my previous install. And yes, 186.04s/it after the third iteration, and 159.22s/it after the fourth.