The efficiency (EFF) of an electric motor is proportional to the total produced losses.
EFF = Power out-put / (Power out-put + Losses)
The sources of loss are: Stator winding i^2R, Rotor winding i^2R, Magnetic core losses, Frictions and windage and Stray losses.
The magnetizing current is only one of the factors generating losses. Besides consider that this current is inductive and then 90° out of phase. When the active current (in phase with the voltage) is high (full load) the influence of this magnetizing current is minimal, when the active current is low (reduced motor load) the effect of this magnetizing current is important.
Look for the final full load current in the nameplate, if that is higher most probably the motor is less efficient.