Bandwidth yes, latency no. Wiring out 32 channels of DDR5 to 16 slots might not be feasible, but latency-wise Anandtech's measurements suggest the M1 Max actua

Bandwidth yes, latency no. Wiring out 32 channels of DDR5 to 16 slots might not be feasible, but latency-wise Anandtech's measurements suggest the M1 Max actually has a bit higher latency to memory than e.g. Icelake-SP