You don't seem to understand the tech. The old PSC motors that use 500W, are only single speed motors, or sometimes two speed, are not the type that should always be running, unless the thermostat is set to always run the fan, so not an apples:apples comparison of power.
A variable speed ECM motor like yours is (and every other furnace since 2019 and earlier for higher end models), does not need to run constantly to recirculate the air. It can, but for this negligible difference, it wastes power and increases wear, and filter replacement events. Running constantly will keep all areas of the room more equal in temperature, for example no cold spots near windows, doors and other loss areas, but overall it uses more power to achieve this, more power for same average temperature.
Any motor, at any speed, ALL of the energy is converted to heat. Makes no difference how efficient it is. Turning the motor does not change that the power is turned into heat. Yes, a motor that consumes 500W, would heat a room exactly the same amount as a 500W space heater. Similarly, a 200W (measured at steady load) computer, heats the room the same as a 200W space heater, an 11W LED bulb, same as 11W space heater, and so on. It does not matter if the motor is doing "work", suppose a treadmill motor using 500W, is still producing same heat as a 500W space heater. All watts become heat, even your cellphone charger, suppose it's 1W, is making 1W of heat.