It makes sense (to me at least) to have more GPU cores. For video editing, a powerful GPU is necessary. Unless you're doing CPU AND GPU-intensive tasks, you should make GPU cores a priority in terms of your purchase.
M1 Max Cinebench = ~14,000
M1 Ultra Cinebench = ~24,000
So no, you're not getting double the performance given this metric. Someone correct me if I'm wrong.