You are correct! I made comparison using texas_ace chart:
https://budgetlightforum.com/t/-/50279
https://budgetlightforum.com/t/-/44574
Because lumen brightness is low (600lumen for K9.3 / 9 led and 900lumen for E12R/12), I use lowest value on the chart per led which add up to about the correct total brightness:
E21A is 2.63V at 150mA
219B is 2.72 at 150mA
so I multiply by 2.63/2.72 and I get 34.6% more efficient for buck driver. I think most likely this is very simple estimation and not accurate, but even if it is different by +-10%, the effcieincy for buck is clearly shown in this comparison. K9.3 with buck driver would be amazing!