Short answer
If your engine specifies 0W-20, do not switch to 0W-16 unless the manufacturer specifically specifies 0W-16 for your engine. Both flow easily when cold, but 0W-16 is thinner at operating temperature, so it leaves a thinner protective film than an engine built around 0W-20 expects.
0W-16 is a genuinely ultra-low-viscosity grade developed for particular modern engines tuned to run on it. In those engines it is correct. In an engine that calls for 0W-20, choosing 0W-16 instead is a step thinner than specified — a real deviation, not a simple efficiency tweak.
Why thinner than specified is the bigger risk
Oil grades are not symmetric in risk. The concern with going thinner than specified is film strength: the oil cushion between moving parts is what protects bearings and other contact surfaces under heat and load. A thinner grade means a thinner film and less margin, which is why dropping below the specified viscosity is treated more cautiously than the nuanced case of going one step thicker.
Engines designed for 0W-20 have clearances, oil-pump output, and operating pressures tuned around that thickness. Run 0W-16 without manufacturer backing and you are operating outside that window, with possible consequences for protection and for any warranty or emissions claim.
The rule is simple: use 0W-16 only where it is explicitly specified, and otherwise stay with the 0W-20 your manual lists. If you are unsure, follow the grade printed in your manual or ask a trusted mechanic about your specific engine and how you drive.