The faster the CPU deals with the task once the device is fully awake the shorter the time other power hungry parts of the system (like screen) need to be awake.
That's why slow phones, where the user needs to wait for their browser to finish loading the page will never be battery effective.
My view is that this works for CPU heavy tasks, but not for low-frequency repeated background tasks like browser window drawing, where if you speed up your CPU you just burn energy to get a higher framerate, something you generally don't care about on powersave.
So optimally you'd want to clock up for "burst tasks" and keep freq low for "per-frame tasks". But I don't know of a scheduler that does that, or even how it could do it. But if you assume most of your battery loss will be to frame tasks, powersave makes sense.
So yes comparing iPhones to anything else highly suggests that the tuning Apple did pays off. That being said: I’m not aware of a useful comparison. I’m not even sure how you would design something like that, ie what would you like to keep constant?
But yeah I agree, it should not. But it does.