I ran the benchmarks with the settings suggested by
@mi7chy (stockfish bench 128 NUMCORES 24 default depth) with the following results (power usage checked using Apple's powermetrics):
M1 MBP 13":
~ 12000 knodes/s for 8 threads using 15W of power
~ 2500 knodes/s for 1 thead using 5W of power
Intel i9 16" MBP:
~ 13000 knodes/s for 16 threads using 65W of power
~ 1700 knodes/s for 1 thread using 35W of power
In a nutshell, M1 with it's 4 cores is 10% slower than top-shelf Intel mobile CPU with 8 cores while consuming 80% less power. Looking at the linked
https://openbenchmarking.org/test/pts/stockfish, M1 is faster than Tiger Lake. 8-core desktop CPUs are considerably faster. Ah, and M1 is about 50% faster in the single-threaded variant than a 4.8ghz Intel Skylake refresh.
My conclusion: no, M1's performance is not disappointing at all. It's performance is comparable to much larger (and 4-5x hotter!) CPUs.
Few additional observations: AMD seems to do really well in stockfish (for unclear reasons) and this benchmark really loves SMT. Stockfish seems to support Neon (ARM SIMD) but it's not really clear how it is utilized. The fact that is scales so well with STM suggests to me that the SIMD code is suboptimal and could probably be improved to achieve better ILP.