I've got a belt drive table saw with 1.5hp motor. I reconnected the motor for 240V and the thing I noticed is that the blade comes up to speed much faster than it did before. If the saw showed more power in an actual cut then that would indicate the original wiring and/or extension cord was too small.
A narrow kerf blade will make a definite difference in the apparent power of the saw as compared to standard kerf blades. Cutting wood is just another machining operation the same as machining metals. The same sort of limitations apply. A given material will require X horsepower to remove Y cubic inches of material per minute. The narrow kerf blade uses less power simply because its removing less material for the same depth of cut.
I put a .090" kerf blade on my saw and the difference in hardwoods is significant as compared to a standard .125" kerf blade. .062" kerf blades are available, and those blades should require even less power but I've never bought one as the .090 works for the stuff I cut, and the really thin blades are very sensitive to heat.