Assuming that you are watching HD content, this is consistent with the difference between software and hardware decoding.
I believe that the 2017 12" MacBook has a Kaby Lake CPU, and therefore supports hardware accelerated decode of VP9. This capability is not exposed by the OS APIs, however. It might be helpful to file a RADAR ticket requesting that hardware accelerated VP9 be exposed to apps.
A difference vs. Firefox is harder to explain, since Chrome and Firefox expose roughly similar media capabilities. We're not currently tracking Firefox power usage in our media power analysis pipeline, but we should be. I'll file a bug to start doing that, and to investigate further if a difference turns up in our lab.
- Dan