It depends on a particular situation (ambient temperature, exact CPU load, application specifics, iGPU or dGPU active, etc), but yes, a higher-end model may drop its actual frequency below a lower-end CPU that doesn't throttle under the same scenario. Although it's only true for very high loads where thermal limit (~103C) is reached by the higher-end CPU. In the majority of lower intensity loads it'll maintain proportionally higher turbo-boost frequencies (+0.3GHz actually, just like it's base difference) and perform up to 11.5% better. But then again, a lower intensity load often means that processor performance is not as important or there's a different bottleneck present like RAM bandwidth.
Another feature to consider is a new TDP control implemented by Apple. Once CPU reaches its thermal limit, it'll significantly drop the frequency to adjust it's TDP from 45W down to 35W for a short period of time (1-2 minutes?), which helps to speed up the cool down and maintain lower temperatures and improve overall system stability and long-term reliability. This was not the case before and I couldn't verify it myself. If it's true, however, it may result in a more significant performance drop compared to the 2.6GHz model. Kudos to duervo for pointing this out.