So the performance cores can only do N things at once, but the efficiency cores can do N+X things at once because they are able to multithread? My Mac currently has 513 threads running. So you're saying that hypothetically 500 of them are low-priority and 13 are high priority (or 450/63, whatever). So the efficiency cores might be able to handle 100 low priority tasks each, while the performance cores can only handle 10? But they can run those 10 at 10x the speed that the efficiency cores can run them? And I'm talking about the M1 and a hypothetical M1x.
P-cores and E-cores are designed with different targets in mind: P-cores to run a unit of work as fast as possible and E-cores to run a unit of work with lowest possible energy expenditure. As a result of this, the cores themselves are very different. E-cores have less execution units, less cache etc. — everything is geared to use less power.
As @cmaier explains, E-cores cannot run more threads at ones or anything like that, the basic execution model is the same for P-cores and E-cores. The main difference is that while P-cores can run, say, 100 threads of work in X time using Y power, the E-cores can run that same workload in X*4 time but at Y/10 power usage (numbers only illustrative). If the work is not high priority and you are not losing anything by taking longer to run it, you can save quite a lot of energy this way.