The dropoff in HP isn’t huge. For the 1.6L, it’s rated for 178 HP with premium and 173 with regular. The 2.0L is rated for 240 HP with premium and 231 HP with regular. If it were me I’d go with the 2.0L Ecoboost you get substancially more power with only a 1-2 MPG penalty.
In the owner’s manual it weirdly specs 5W-30 Semi-Synthetic for the 2.0L Ecoboost and 5W-20 Semi-Synthetic for the 1.6L Ecoboost.