I think it's pretty obvious at this point that Ferrari were cheating with their engine, the hidden settlement just makes the FIA look as bad as them. I don't think their current engine is that bad I think the problem now is their whole chassis was engineered around the previous more powerful engine. It must be really draggy so it begs the question how fast their previous engine could have been had they had similar aerodynamics to Mercedes/Red Bull etc, they probably had to make a high drag chassis just so that their engine advantage wasn't too obvious.