Yes, the new 1.6L V6 hybrid F1 cars use 30% less fuel and are almost just as quick around the track as the 2004 3L V10 engines used to be. In addition, the engines now have to last 6 races compared to just one session in the past.
BUT....
Having said the above, it’s not all sunshine and happiness. These new 1.6L V6 single turbo hybrid units cost $2.1million per engine. They are so expensive that the FIA is proposing a new engine to compete with the hybrid unit for 2016. They are proposing a new 2.2L V6 twin turbo with refuelling (without hybrid) to bring the crazy costs down. In the early ‘90s McLaren-Honda used about 85 engines per season; now the teams are only allowed to use just 6. What’s ironic is that the 85 engines in the ‘90s cost about the same as 6 hybrid units in 2015.