I got my M1 Max a few days ago. I've done a little powermetrics-watching while starting/stopping CPU eater processes. The two performance clusters are P0 and P1, and it sure looks like macOS is optimizing for power. With the system idle P1 spends a lot of time power gated (0 mW). (Note: to see this you may need to use powermetrics' -i option to set a shorter sampling interval, P1 does get woken every so often and the longer the sampling interval the less likely it is that it averaged 0mW over a whole interval.)
I can start up one, two, three, or four CPU eaters on an otherwise idle machine and I never see P1 go beyond mostly-off until the fourth eater is running.
(edit: to clarify, when you start the fourth process, P1 doesn't go full active, it just gets woken up a bit more since presumably there's a higher chance of system threads occupying a few cores pushing the scheduler to want more than 6 cores active. P1 doesn't stay on consistently unless I start a fifth CPU eater.)