I think two cores that are 50% utilized burn through less power than one core that is 100% utilized but that also contains all the extra stuff it needs to pretend it's two cores. And that's the best case scenario. Quite possible that in the days HT was introduced, idle units weren't half as good at not consuming power as they are now.
There is no such thing, basically core speed is a curve where they get more and more inefficient the faster they run, and the hard frequency limit is just some arbitrary point on that curve.
If a particular HT friendly workload gets more done at a specific clockspeed, that is a significant boost to efficiency even if it uses more power, as clockspeed power usage scales very non linearly towards the top.
That being said, I dont think you are wrong. In consumer devices, HT seems like a bad tradeoff for a bigger, more cache heavy core.