> hybrid power unit closer to 50/50 split between ICE and electric horsepower
Fun fact, at those ratios it would make a lot of sense to use an electric continuous variable transmission (eCVT) - connect the engine and the motor with a planetary gear set to the wheels, done. The electric motor spins backwards when going slow and forward when going fast. Those eCVTs can be lighter, more efficient an deliver more power across the entire range. But they're illegal in F1 - because they make the car sound boring.
How Toyota's eCVT transmission works: https://www.youtube.com/watch?v=ppyK3ZlUbtM (Nerd snipe warning: the Weber Auto channel is brilliant and has lessons about all kinds of transmission and engine types).
When it comes to something like F1 I think it's OK for efficiency to not be the top priority. Road vehicles absolutely should be as light and efficient as possible with strict limits on pollution (including noise). But it's OK for society to have a few things like F1 that are just for fun. We just don't want everyone to be driving F1 cars around their neighbourhoods or have an F1 race every week.