Running only Efficiency cores is not always the way to save power. When running the fast cores you will run to idle quicker as a task can be finished in a smaller timeframe. So the CPUs can sit longer at even a lower power level as they are idling longer. I haven't tested this with M1/M2 chips but in the Intel days, a faster CPU on a MBP was often using less power than a slower one for similar tasks as it was sitting at idle longer.
I've run my M1 Pro MacBook Pro on Low Power mode since I bought it in 2021. I would assume that Low Power is designed to use less power. When I look at the core activity, the Efficiency Cores are prioritized over the Performance Cores. I suspect that I would be fine with only Efficiency Cores.