There's an app called Quickres that'll let you change the resolution for your Mac. You can easily switch between resolutions with one click. For example I usually run the 1440x900 on my laptop and then change it to 1920x1080 if I want to watch a movie on my TV using airplay (my OCD gets triggered if the video doesn't fill up the screen). As Alex said there's a different ratio so if you use 1080p it won't 'fit' very well.
I can't really speak for performance and battery life since I mainly use the 1440x900 option built into macOS. But I did try to run it at 'native' 2304x1440 thinking it would free the GPU up from the scaling and while my 2015 m3 did handle it fairly well, it was a bit choppy and the UI elements were so tiny I could barely read anything.