But the Germans were not sticking DB 601A engines in 6200lb fighters (Spit 1 & II with normal fuel) , they were sticking them in 5500-5800lb fighters. Being 6% lighter is not much but it does help to level the playing field a bit.
At 20000 ft, Merlin III was making 890 HP. DB 601A was good for 800 PS there (old S/C) or 850 PS (new S/C). So the Merlin III was giving 11% or 4% more at that altitude.
Merlin X was good for 1010 HP at 17750 ft (due to improved impeller vs. Mk.III), where DB 601A was making 840 PS or 920 PS, depending on S/C. Merlin XII was a tad better than the Merlin X due to faster-spinning impeller than the Mk.III (still the same impeller), but was later by about a year?
All values as for no ram effect.
Seems that power to weight ratio is still on the side of Spitfire, especially if the Merlin X or XII is installed. Even the worst case scenario - Mk.III vs. 601A with new S/C, the power to weight ratio of whole fighters is in the ballpark. Spitfire still has the more favorable wing loading.
100 octane doesn't do quite as much for the escort fighters as if they get sucked down to lower altitudes where the 100 octane makes a difference they are no longer protecting the bombers (they are below them and while German fighters they shoot down today cannot attack tomorrow, Spitfires below the bombers are not stopping German fighters attacking form above today. )
Spitfire that is chasing a 109 at 15000 ft is doing it's job - there is one 109 less for the bombers to worry.
British had to change their doctrine in 1936-37. You need different airfields for both bombers and fighters, you need to build another propeller factory (or two). You need more gun turrets, you need at least one different bomber, Hampdens in daylight are not going to work , Whitley was ordered as a night bomber, they knew it could not fly in daylight and survive and that was against biplanes.
They certainly need to change the doctrine early enough.
Propeller are easy: don't make hundreds and thousands of clunkers (aircraft that were either obsolete, or not used in the role they were purchased for, or were complete waste of resources) + Whirlwind; this also frees a lot of RR production so there are many hundreds of Merlin available. Hampdens certainly don't work in daylight when unescorted, as it was the case with German bombers.
Less clunkers of the bombers frees the airbases with long TO strips for escorts.