The problem with talking about photosynthetic efficiency is that there are different endpoints you can talk about. The more efficient plants (C4 plants like sugarcane and maize) have something like 4% efficiency converting sunlight to biomass, but they actually absorb a 53% of the incoming light based on spectrum, and lose about 24% of the energy because photons with shorter wavelengths have excess energy which the plants cannot use. We’re not interested in the 4% figure, we’re interested in the 53% and 24% figure because they represent the part of the process that we can change.
Doing the math, that’s around 59% loss which you could mitigate by using LEDs that produce the correct spectrum—but solar panels and LEDs have 90% losses, so you’re noticeably worse off.
It’s worth remembering that the reason why plants only absorb certain parts of the spectrum is the same reason why photovoltaic panels only absorb certain parts of the spectrum—in both cases, you are using light to move electrons, and these processes only capture energy that corresponds to the underlying band gap. Light with shorter wavelengths has additional energy which is wasted, both for photovoltaics and for plants.
You can increase the efficiency by creating multijunction solar panels, which results in multiple band gaps. For most applications, these aren’t cost-effective. If I remember correctly, plants are also “multi-junction”, which explains why they are so efficient.