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That'll be peak power draw though: you have to spec the standard power supply to cope with the CPU running @ 100% & simultaneously feeding the 1G ethernet and all the USB ports at max power.

Jeff Geerling measured 11W peak board power running benchmarks. Idle power was measured at 1.8W.

They claim it will draw less power than the Pi4 for the same workloads.

Max tdp rating is not idle power draw.

Difference being if your workload now demands it, the increased power rating allows faster race to idle, and overall gain in power efficiency.

Peak power draw is 12W, not 27W for the Rpi5 though.

It's 12W, not 27.