The deliberate wording expands #embed to C's initializer-list
The major performance benefit is from the as-if rule. The compiler is entitled to do whatever it wants so long as the result is as-if it worked the way the standard describes.
So a decent compiler is going to notice that you're #embed-ing this in a byte array, and conclude it should just shovel the whole file into the array here. If it actually made the bytes into integers, and then parsed them, they would of course still fit in exactly one byte, because they're bytes, so it needn't worry about actually doing that which is expensive.
Does it work if you try to #embed a small file as parameters to a printf() ? Yeah, probably, go try it on Godbolt (this is an option there) but for the small file where that's viable we don't care about the performance benefit. It's just a nice trick.