The relevant crop factor between these formats is about 1,3. The easiest way to compare performances of these two formats is just to multiply the smaller formats aperture number by 1,3, thus f/2,8 on M4/3 approximaely equals f/3,6 on APS-C.
As the aspect ratios of the sensors are different one could get slighlty more accuracy by using image sensor areas instead of crop factor, but crop factor is very convinient.
However, the m43 lens is a much faster lens in respect to the size of the sensor.
If one does cross format comparison then lens speed depends not only about the f-number, but also the format size. There is les than a third of a stop difference in "speed" between the lenses mentioned on the formats mentioned.
Furthermore, the small sensor means that the DOF for the m43 sensor will be larger,
thus one can employ a smaller aperture and not worry about parts of the image being out of focus in situations where there is no specific focal point.
There is no "deep DoF advantage" for smaller formats - it's a myth.
Instead the more light you capture per time unit (by opening the aperture) the more shallow the DoF is. f/3,6 on APS-C and f/2,8 on M4/3 have approximately equal light collection ability (same "noise" is the other exposure parameters are the same) and DoF.
(Note the "noise" above is about formats - individual cameras can have differing performance curves from each other.)
Rather, I am more interested in how does one compare across formats. Presumably, the reason why the 1670z is F4 and the 12-40 is F2.8 is that designing a F2.8 for an APS-C sensor would result in a larger lens. Thus there is a trade off here.
The f/4 on APS-C is as fast as f/3,1 would be on M4/3.
f/4 on one format does not equal f/4 on another .
The size of the format has surprisingly little influence on the size of the lens as long as the lenses for different formats have similar entrance pupil diameter (*) and angle of view properties.