I think it has more to do with just having a smaller window of time to consume calories, thus, consuming fewer calories.

Of course, you can’t eat like crap in that window. You could eat in a calorie deficit waking yourself up at 3am to consume some of those calories, and you’ll lose weight. If you’re eating junk from 12-6, you won’t lose weight.

In a fasted state where insulin levels are low vs in a calorie restricted day where carbs are consumed every few hours?