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4 hours to discharge? Indexing should not do this... Looks like some process hanged and was running at full blast until power drained. Happens sometimes. Activity monitor should show, which process used a lot of cpu in last 12 hours. Either kill that process or restart computer.
It is possible the computer has hardware problem, sometimes some part of the system has issues and causes this. Or it could be some software issue. Either way, if it happens again, Apple support should take this seriously and help. This is not how these devices behave normally.
 
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Probably indexing. The Energy tab in Activity Monitor may show where the power went.
Screenshot 2021-12-17 at 10.49.52 PM.png
 
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Battery usage has been normal on my base 14". But one "quirk" I've noticed is that even when the battery is fully charged, and the MagSafe light is green, the battery indicator in the menu bar still has the lighting bolt instead of the plug--which would indicate fully charged status.
Screen Shot 2021-12-17 at 9.12.58 PM.png
 
You can sort by 12 hr Power and see, who is the one using most energy. Something called ProPresenter used 8.65 (whatever the units are, lower is better), Surfshark used 1.33, and Safari used 1.12. Unless you find something with even more usage, these would be the biggest power sinks you have. Surfshark and ProPresenter are not part of macOS, macOS does not control much about them and if they use lots of power, they will discharge batteries. YOU may need to look for less power hungry tools or accept battery life.
Spotlight used only 0.42, so compare to ProPresenter it used 20x less power.
 
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Looks like the 12 hours you got info for were all after the sleep drain, so you may not be able to tell from that. Have you had the problem again? Soon after you have the problem is the best time to check. Looks like indexing is finished, in any case, so if it happens again, it must be something else.
OK, I find the trend. If I put it to sleep, thro Sleep command or close its cover, then the power reduces very little. But if I just left it open, even though it is set turn display off at 2 mins, the power drains. I can't find the 'sleep after ... minutes' on battery preferences, which I could set on 'energy preferences' previously. Am I missing something?
 
Battery > Power Adapter has an option to prevent automatic sleep when the display is off. If you don't have it checked, it should go to sleep shortly after the display goes off. Could be that.
 
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Interesting.

Does not match the observed behaviour of my M1 Pro 14".

If you can't get to the bottom of it, RMA it.
Returned it and got me the 16”. Battery life is great but I cannot carry it around inside the Data Center. Its humongous and heavy.
 
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