yes @Hemanth_13
we can also check as
p1 : CPI = 2 and executes 2 billion instruction per second
=> it executes 4 billion clock cycles per second.
p2 : CPI = 1 and executes 8 billion instruction per second
=> it executes 8 billion clock cycles per second.
since p2 can execute more number of clock cycles per second
=> P2 is faster than P1.
=> P2 performance is better.