M3 has AV1 hardware decoding built in, it should increase battery life in theory. Check the codec used by YT using stats for nerds.
From what I've seen, though, is that M3 machines tend to consume more power than the M1 generation.
Sure, AV1 is the better, newer codec, but h264 has been around for a long time and is certainly implemented very efficiently in the HW decoder.
I believe that's what Safari did for a while with VP8 or VP9 – it was only available while plugged in on my old Mac if I remember correctly. There was a developer option called "support VP9 even on battery power" or something similar.