What is the difference in perfomance between 7135×4 working on max and 50% mode of 7135x8?
The common is that both configuration suppose to give around 500 lumens.

IIRC 7135x4 should give 5-10% more lumens. The LED is more efficient at low current. The 50% mode is a pulsed 2.8A . An 1.4A constant current is more efficient.

Thanks,
I fond detaild answer here:
Эффективность линейного стабилизатора с ШИМ
Who wants more information can read it.