In theory you get better energy performance with electric motors during cruise too because they have better torque profiles than ICE ones. And if you are twisting a prop, torque is what counts more than HP.
Plus if you have one ICE motor linked to a generator, you can turn lots of electric motors from it, and ICE motors turn most of the energy in fuel into heat, not power, while electric motors run cooler for the same power.
But you have the weight of the ICE motor, its fuel, generator, control boxes, batterie (s) cables, electric motors and props, so it takes some working out…