True but memory bandwidth is not the entire story. Geekbench (while not a end-all benchmark) shows:

                      Single-Core      Multi-Core
  M1 Max, 10-core     2,204            14,004
  M4 Pro, 14-core     3,311            24,711

Single-threaded CPU: M4 Pro is roughly 1.5× as fast. Multi-threaded CPU: M4 Pro is roughly 1.75× as fast. GPU: roughly equal to a full 32-core M1 Max, with the M4 Pro slightly ahead in Geekbench Metal.