The 16" MBP is competitive, on wall power, for short periods of time before it's thermally throttled (even while the fans scream). Which usually means single core benchmarks.

The 16" MBP, at least mine, thermally throttles at the drop of a hat. Teams video conf, backups, virus scan, even small builds, etc.

The M1 in comparison is quiet, cool, not sure I've heard the fan going. So sure the performance is similar, the perf/watt is not.