The Original 046 had an Awesome Carburetor that had a low range circuit, mide range jet and high speed jet. It was designed for torque/power, not fuel economy.
When EPA stepped in, they changed the emission standards so the jetting in the carburetor changed. The low range circuit was left unchanged and the mide range jet became a circuit and high speed jet became smaller. The biggest thing a commercial cutter would notice is that it runs 5 minuteds longer on a tank of fuel.
With a 28" bar and sharp chains, my 046 & MS 460 run about 22-25 minutes in a constant cutting with the full length of the bar in the cut. The most it will run while limbing and cutting the smaller stuff is 38-40 minutes.
In summary, there is no substitute for cc's or power/torque. It take fuel to get the power and torque. Based on what you have posted, I would saw there is nothing wrong with your 046.