I have a g292-z20 (which is a power hog), removing one of the two power supplies lets me idle at around 270W instead of 290W.
I'm quite sure that most of it is the CPU frequency/voltage being lowered by the system (I have the P-state managed by Linux, but removing the PSU changes the frequency a bit), but probably also some efficiency gain by using a single PSU.
That's NOT why the Power Drops by removing one PSU.
If you remove one PSU, you take away a "Offset" Power Consumption that every switching Power Supply (or any Power Supply for that Matter) has: Auxiliary Power Consumption. Controller, Fan, the switching Effect and the losses it Generates in MOSFETs, Inductors, Capacitors, etc.
Furthermore, at low Load (in %), the PSU is NOT very efficient. In particular below 10% but also between 10% and 20%. For the same Reason (you still have Auxiliary and Filter Currents).
So if you have 2 x PSU each operating at 10% the efficiency will be FAR below that of a single PSU (of the same Model) being operated at 20% Load. Similar story but even bigger change if you do 2 x 5% Load << efficiency of 1 x 10% Load. The story reverses to some extent at high load, where 2 x PSUs can be more efficient, but then we are talking about each PSU being operated at > 40 - 50% compared to a single PSU being operated at 60-100%, the latter of which has its own Set of Issues

.
The efficiency curve follows (approximately) an inverted Parabola. Reality is more complex than that of course

.
Just one Example of many:
