I meant to get into this in my previous comment but anyway, this is
not a shot at or a case for either format, if anything it's a case for both. I think fast
and wide is just more challenging on smaller formats...
Here's a bunch of instances for me at UWA thru 50mm equivalent (mostly of stuff I've owned or in one instance almost bought, so not merely cherry picking) where the similarly sized FF lens in my kit actually has an equivalent f-stop / entrance pupil advantage. The weight, feature set, and build advantage goes either way throughout these examples but each pair is very similar in size as I first said:
- Sony 20mm f1.8 G vs CV 10.5mm f0.95:
https://bit.ly/3bENiFF

entrance pupil / blur potential / equivalency: same-ish (the Sony is actually a little closer to 19mm)
The Sony is actually lighter, cheaper, better corrected wide open, and has AF. The CV has better sunstars and some other unique rendering characteristics.
- Samyang 45mm f1.8 vs Pana Leica 25mm f1.4 II:
https://bit.ly/3bD81Kc

pupil / blur / equiv.: 25 vs 18
The SY is once again lighter and cheaper, both have some rendering advantages tho I think the PL is smoother overall but the SY is relatively sharper wide open, the PL is weather sealed and has linear MF.
- Sony 24mm f2.8 G vs Olympus 12mm f2:
https://bit.ly/3bzNoyx

pupil / blur / equiv.: 8.6 vs 6 (subbed in the 28-60 for missing 24/2.8, same size)
The Sony is cheaper, weather sealed, and has a declickable aperture wheel and a nicer hood (Contax GG-2 highly recommend for the Oly). The Oly has somewhat nicer rendering and even nicer feeling build but it's overpriced at retail IMO.
- Sony 35mm f1.4 GM vs Olympus 17mm f1.2:
https://bit.ly/3SpyEmi

pupil / blur / equiv.: 25 vs 14
The Sony is heavier and has an aperture wheel, the Oly is excellent tho I just sold it... I think this one is actually the biggest iris opening difference at a similar size amongst these, tho also the biggest weight difference against FF.
I think the differences are just as stark when you start comparing UWA zooms or some of the larger premium zooms for M4/3 (eg 12-40 & 12-100) vs some of the smallest for FF (eg Sigma 28-70 & Tamron 28-200), but the FL, feature set, and the body behind the lens start creating more meaningful differences w/those as well.
At short tele FLs and longer both formats go down very different roads tho... And so that's why I'm shooting both, for the foreseeable future tbh.

pupil / blur / equiv.: 48 vs 42 (don't mind the cropped hood)
Even an APS-C crop out of a similarly sized FF lens doesn't really measure up to the Oly 75mm...

pupil / blur / equiv.: 32 vs 42 (ignore the hood again)
I could go on and throw the 350g internal zooming 35-100/2.8 or 40-150/4 Pro against some (of the lightest) 550g+ external zooming FF teles, but I'll leave it at that, heh. Use case and cropping leeway for a given body blur the lines a little but teles for both formats are still apples and oranges, whereas at shorter FLs there's a ton of overlap IMO.
~75-85mm seems to be the fork in the road...