An Air Conditioner has a COP (coefficient of performance) of 4 while electric heat is 1. Which means you can move 4 units of air-conditioning with the same electric use as moving only 1 unit of heat. So already AC is more efficient, add to that AC is lowering the temp usually no more than 10 degrees, and heat is routinely 40 degrees, you are talking around 8 times the daily AC use for heat.

I'd certainly lower that thermostat and bundle up.

Also, as others have mentioned, getting a third party electric supplier is good, and you have to be on top of the rate - I like Inspire or Ambit as they don't have cancellation fees. It's predicted next winter will be much much worse electric rates than this winter, since MA is dependent on natural gas from Europe (and thus Russia) for our electricity production.