Source (https://1014.org/?article=854)
This explains Justin Frankel's observations in the article above. It's a bit annoying there seems to be no way to force a process to only run on the P cores with no throttling. Having mostly bought a M1 Mac for music production, I keep running into this exact issue. Light workloads invoke more processing glitches than running loads of tracks and plugins at the same time.
Hopefully developers will eventually get more granular control of this for high-performance apps, battery life be damned.