The XPG2's advantage of being smaller is partially (or mostly) negated because it's a dimmer emitter.
I would agree with you that in larger lights where you are driving them at higher currents like 3A, then the XM-L2 would usually be my first choice of emitter because it also throws quite well in a larger reflector. (eg. from 38mm upwards)
However in smaller lights with smaller reflectors and batteries of lower capacity, it wouldn't make any sense to drive them over about 1A because they'd start to overheat and use up the battery very quickly.
As you have alluded to, the difference in efficiency between the XP-G2 and XM-L2 is less at these currents and the XP-G2 would definitely produce noticably more throw at the same drive current in these situations.
So I disagree with you that the XM-L2 is always "better" than the XP-G2. Its horses for courses.
The OP specifically asked about throw and it is pertinent to point out here that the longest throwing LED-lights which use Aspheric lenses and Waivien collars to achieve 1,000,000 lux use dedomed XP-G2 emitters to achieve that spectacular throw, not XM-L2s.
I am the proud owner of one of these lights made by mash.m called the Black Bullet.
The other lights like this are designed by saabluster and called the DEFT-X.