Pressure, thanks, I'm not sure how I missed that back on the first page of the thread. With that type of battery life, the M2 is more efficient. If we give credit purely to the CPU, then it would be about 30% (27%-34%) more efficient based on my analysis above, although I'm sure a chunk of it is due to GPU and accelerator performance increases as well. I consider that a pretty significant improvement for a refinement step.
Edit: In reality, the truth likely lies somewhere in between the break-even pessimistic analysis, and the optimistic analysis here.