Except using an 8 bitplane method for 256 colour screens pretty much used any new bandwidth increase. 8 bitplanes and no byte per pixel mode clearly shows AGA was a quick fix as the speed was affected badly due to this omission. Byte per pixel VGA was 4-5 years older than AGA too.
Your first sentence is unfair. 8 bitplanes saturates the bandwidth in Super Hi-res.
In lo-res (the relevant resolution for games):
OCS/ECS 32 colors leaves 3/8 bandwidth free
OCS/ECS 64 colors leaves 1/4 bandwidth free
AGA 256 colors leaves 3/4 bandwidth free
In other words, OCS/ECS had enough bandwidth for lo-res 256 colors (but not enough RAM and the 68k would have been totally locked). AGA had 4x the OCS bandwidth so it can handle 256 colors lo res leaving more than enough free bandwidth for the 14Mhz 020 of the A1200