if the difference (i.e. subtraction) between the two values is zero, then the answer is yes, they are the same . . .
16:40 = 16 hours and 40 min
12:30 = 12 hours and 30 min
(16h + 40m) - (12h + 30m)
(16h - 12h) + (40m - 30m)
(4h) + (10m)
4h + 10m
4:10 > 0:00 . . . so the answer is no, they are not the same