One of the screenshots shows it's the total package power, inducing DRAM, during a POV-ray stress test. But it doesn't change much since the GPU is at 0 mW (lol) and the DRAM at just 60 mW.Thank you (and Andrei of course for the follow-up). That puts the M1 core power consumption at 21 W fully loaded. I'm still thinking this is core only so add a couple of watts for uncore and then the Mac Mini system power numbers make perfect sense and this matches my earlier calculation.
It appears that POV-RAY is (in)famous for its power consumption.