No, the power consumption is only incrementally larger, it's running at twice the frequency as stock.
Actually, the power consumption is more than twice stock setting because voltage must increase with increased frequency, and power increases with both frequency and voltage. The power consumption per unit work is only incrementally larger, but the actual power consumed is probably close to threefold stock. I just ran a quick test and my sticks started showing errors below about 6.6W at 300MHz, which is 2.64 times the 2.5W "stock USB" setpoint achievable with 150MHz.