Does the mustangs 4.6 engine have more horse power than 5.0?

No, generally speaking, the 4.6L engine in Mustangs produced less horsepower than the 5.0L engines. The 5.0L engine, especially in its later iterations, consistently had a higher horsepower output. While specific numbers varied by year and model, the larger displacement of the 5.0L almost always translated to more power.