The monster engines of old were allowed to use toluene based fuel. That is what allowed the massive power levels.
Going off that logic, Red Bull is doing some of the most expensive sandbagging I've seen.
What were they, like 12-1400hp when they turned them all the way up for qualifying? And like 900-1000 during the race?
Indeed they were. I read one driver's biography (Lafitte?) and he said the turbo lag was so bad that you'd brake for a corner and hit the throttle before you turned in. The natural power would take you through the corner and if you'd timed it right the turbo would kick in as you exited. If you got it wrong lifting off the throttle was no good because of the back-pressure in the turbo, you just had to keep your foot in and pray hard.
That's when men were men and walls were nervous.