The thing abut F1 engine power is that we don't really know how much power they have.
1985-'86 F1 cars were the most powerful and F1 car has ever been as turbo boost was unlimited. The BMW engine in the Brabham was reputed to have 1500bhp for qualifying only. They probably raced with about 8-900. In those days they had special qualifying engines that were only in the car for that one session.
The funny thing is, the numbers for the BMW turbo engine went up from a reputed 1100hp to 1300hp, and then 1500hp. Most of it is totally unprovable, because we only hear claims. If BMW had really run even 1300hp in qualifying, they would have really smoked the field, which they didn't. Piquet did have 9 poles in 1984, only winning two races from the dominant McLarens, but he never put a whole second up on the rest of the field.
I think nobody ever ran more than 1000hp, even in qualifying, unless they used some rather tall gears.
For '87, the turbos were limited to 4.0 bar which meant that they were limited to about the 8-900 all the time.
For '88, the limit was brought down to 2.5 bar. The turbos were then reduced to about 600bhp all the time. That was done to give the atmospheric engines a chance, and they would have won races if it hadn't been for the brilliance of Senna, Prost, McLaren & Honda. Due to the restriction on boost for '88, there is absolutely 0% chance of Senna's McLaren having 1200bhp in 1988.
Even at max boost, they only ran about 650hp in 1988, probably 600 in race trim; the NA engines were topping out at roughly 500-550 or so. Whereas the max turbo figures in 1987 were roughly 700-800 at the most circuits, another 50-100 for the open circuits...Interestingly, most pole and lap records still fell in 1987, compared to 1986's bests, and my guess is that cars became slightly more aerodynamic and less bulky, and engine computers were a little more fine-tuned towards further reducing lag.
Of course the real answer is
1953, when they went from 4.5L NA engines or 1.5L supercharged engines to F2-spec 2.0L engines making roughly 150-200hp.
The formula used from 1954 to 1960 called for 2.5-liter NA engines, with a tiny 750cc engine okayed for supercharged specs. For 1961 (though 1965), 1.5L NA engines were the order of the day. Drivers from that era generally said they kept those little motors at WOT most of the time.