Depends.
The TNT equivalent in WT is based on the destructive power of the explosive.
Like you need 1g TNT to penetrate 2mm of armor but only 0.6g of PETN.
It would also influence fragmentation of shells, since the explosive blows up the shell.
More explosive means more fragments and higher velocity, with a more powerful explosive taking up the same volume but being better at it.
As I’ve explained in this bug report:
https://community.gaijin.net/issues/p/warthunder/i/AyCoq2Bai3nc
Incendiary blast performance isn’t any worse than that of explosives. Infact it’s even better.
Just ignore that big brain mod that shut my report down with his copy & paste response, despite my report not even mentioning any TNT equivalent.
The burning flash powder doesn’t create a powerful shockwave like any explosives, that can destroy sturdy material like steel easily but it will result higher pressure generated that last for a longer time.
This pressure is what can rip weak structure, like airplane skin, apart from the inside.
And it’s whats used on Torpedos to create a large gas bubble under a ship. The ship breaks apart, from the rapid formation and collapse of the bubble below it, which puts immense stress on the hull.
You also know about the Mine effect of explosives.
Where shells fired with a delay, into the ground or buildings, destroy them from the inside, caused by the pressure built up.
Which is several times more destructive than the shell exploding on contact, where the blast has little effect and the shell mainly causes damage from fragments.
So flash powder would have an equal blast effect of probably 0.8 times the TNT, potentially more.
M23 uses even stronger flash powder, so the blast effect is probably 1:1 to TNT.
So we are talking equal blast performance as 5.83g TNT.
Nearly as much as a ShVAKs HEFI with 5.6g RDX/Alunimum and certainly as powerful as the HEFI-T with only 4.13g.
So M23 would be an incredible powerful round, both in incendiary performances and structural damage, for a 12.7mm bullet.
But it’s potential is greatly held back by its heat sensitive nature.
Preventing long bursts without having the bullet self ignite.
So in reality it’s basically a gimmick.