You are also getting one less GPU core on the 256 vs. the 512GB model. I’m guessing the 7 GPU core M1 chips were found through binning (M1s that failed some check had a GPU core disabled). Maybe they failed under thermal load but did not fail when a GPU core was disabled, thus reducing thermal levels.
I bought a 2000 Avalon XL. The XLE model had a cabin HEPA filter but it was $8,000 more. I figured I could live without the HEPA filter for that much. Four years later, a mechanic asked me if I wanted to put a filter in it. It was just an open space where you put the filter in. I said, sure.
They could just sell the same part with something disabled for those that wanted to pay less. It's not unheard of in the computer world, especially in the minicomputer days.