If you look at a spectrum graph of that sunlight and then compare it to a Chlorophyl absorption chart, you'll see that the amount of that light that the coral actually use (PUR) is only a fraction of what the sun is providing. Modern LED lights are setup to hit the main points for Chlorophyl, and they can hit them hard. That's why it's easier to bleach coral with 200 PAR from an LED.
Back in the day when LEDs were new and people were switching from halides, it was hard to understand why coral that had been thriving under 700 PAR from halides crumbled under 200 PAR from (then, mostly 450nm) LEDs. A lot of that was because the "blue band" (the light the coral actually use) from the halides was a small fraction of the total PAR output, so 700 PAR didn't equal 700 PUR, but the full 200 PAR from the blue LEDs was PUR.
But, yes... That's still a lot of PAR, and probably a lot of PUR too, though.