Tbh, I think this is a lot closer than we think
All Might scales to a 371.558 megaton feat. Though it's unknown how casual this was, as Weakened All Might had to go all out to perform the storm feat, and he later revealed that he's not always using 100% of his strength.
Cole scales to a 347 megaton feat that he performed very early in game, and he got much stronger by the end of the story. His lightning storm is also much stronger than his normal attacks, and he can amp himself by absorbing electricity or by using Karmic Overload, though he can only use it once.
Cole dominates at range, but AM's shockwaves are nothing to scoff at
Cole's healing factor should let him stay in the game longer, as it lets him shrug off broken bones, internal injuries, bullet wounds and severe lacerations. He can also amp his healing by absorbing electricity, which also rejuvenates his stamina.
All Might has experience though, as he's spent years fighting villains in a world where electricity users are a common thing, and has fought people in MHA have a plethora of different Quirks.
However, given that Cole has taken down people with over a century of experience, I'd say he's no rookie either.
However, All Might's fighting style is rather straightforward, whereas Cole can be a pretty adaptive fighter. Rockets that can home in on targets, grenades that can trap enemies (keep in mind that Cole's lifting strength with magnetism is superior to AM's), lightning bolts that can restor Cole's health and energy, blades that can slice and electrocute, omnidirectional blasts of electricity, shockwaves that can lower gravity, etc.
Overall, I think Cole can take this via healing factor, stat amping, versatility and range