Yes, but only at the very extreme. It's normal that a high core count part at low clocks has higher efficiency (perf/power) at a given performance level than a low core count part at high clocks, since power grows super-linearly with clock speed (decreasing efficiency). But notably they've tuned the clock/power regime of the M1 Pro/Max CPUs that the crossover region here is very small.
The graph there shows that the new chip is higher power usage at all performance levels.