You bet.I'm going to mostly agree with this but there is a bit more to the story. While a 250w MH "may" draw the same as a 250w LED, that doesn't mean the PAR output of both fixtures is the same. I use the term "may" because my experience is that lighting manufacturers may advertise their fixtures as being 150w based on the max ratings of the LED's but typically use much less power than advertised.
And, there is more. If a MH is pulling 250w that doesn't mean it is putting out the same amount of PAR, PUR, Lumens or Lux as an LED pulling 250w. Much of that power isn't being converted to light energy, but to heat. If we are talking strictly PAR and PUR, LED's may have an advantage because they are single wavelength so all of the light they emit should be useful.
To me, the more useful measurement would be PAR or PUR per watt. I suspect that the MH delivers fewer PAR per watt, but I'm only guessing.
This also doesn't factor in that if you live somewhere that you run heat more than AC, the hotter fixture may save on heating bills. If you live where I do and AC runs 10 months of the year, the cooler fixture has an advantage. And if you keep your windows open 8 months of the year, I doubt it really matters.
So much goes into this....