I was willing to try, just to help solve the problem: you did fine to suggest me those tests! Now, I am convinced that the problem is the firmware released in August (which contains Surface Embedded Controller Firmware - Firmware 103.2614.257.0)
that has been released to improve battery performance and that, however, has caused battery draining on Surface series. Among the various attempts, I also carried out the rollback to the previous driver of the Surface Embedded Controller Firmware, but it did
not improve the battery life: I believe that the Surface Embedded Controller Firmware is "governed" by the "main UEFI firmware" and, therefore, if we will not get new UEFI firmware update, we will obtain none good result. In one hour, my battery arrive to
10% from 100% of charge: it is an unacceptable condition for use! I also tried to disable SMT, but in my Surface Pro 4 it does not improve battery life, I think it is necessary to wait for an update fix from MS.
When you had turn off SMT did you let the battery drain to zero or 4% reserved (Surface turn off by it self) and then charge your battery to 100% / full if not you need to do so, turning off SMT and without re-calibration will not result in instant results.
NOTE: YES THE FIRMWARE is the software that controls the Surface Embedded Controller for further hardware support. Image a Surface without an OS with out Firmware. Firmware (Software to control and support hardware ----> UEFI (Further supports the boot
process / process chain) --> OS BOOT.