I tested both devices after restarting them and making sure no programs were running in the background.
Well, first, there's no reason for the M2 Max to be any
faster than the regular M2 on mostly single-threaded tasks. There's no point having a M2 Max unless you're running software that is designed to spread the load across multiple cores (and/or that uses the GPU for processing). Try something like video compression with handbrake to see a real difference.
How much disk space is free? The performance of a SSD falls off a cliff if it even gets
close to being full. Even if you've recently cleaned up and re-formatted the drive it may take a while for the SSD garbage collection to consolidate the freed-up space into
usable free space.
Next,
really check for background tasks - run Activity Monitor and see what is using up CPU or accessing the disc. One common culprit is the spotlight indexing process MDS that can take a while to finish indexing the disc & has been known to go haywire. Many Apps install startup items and "helpers".
Give both machines plenty of time to "settle down" after restarting - also don't try and do speed tests shortly after re-installing or upgrading the OS as this usually triggers things like re-indexing. Obviously, stop any Time Machine backups and disable anti-virus apps.
Repeat the same task several times to eliminate the effect of any caching.
Also look at the internet connection speed - some Apps like to phone home when they start up. Maybe disconnect both Macs from the internet to level the playing field.
...but, to re-iterate, the M2 Max isn't likely to be any faster than the regular M2 on day-to-day tasks like opening Word documents.