Are you restricting what you eat in any other way, or just timing?
There are benefits to proper fasting (is in only water or unsweetened black tea/coffee for the 16 hours) but most doing 16:8 still have things like milk or sweetened hot drinks in their "fast", so it's not a true fast.
There is still benefits though, even without a proper fast. That comes down to basic calorie deficit.
If you only eat between 12-8pm, then three key things happen:
(1) You miss breakfast. Not eating a meal means consuming fewer calories - so bigger calorie deficit.
(2) You don't snack during the evening. Not eating (probably high calorie, sweet food) at night means consuming fewer calories - so bigger calorie deficit.
(3) You should hopefully be thinking more about what you do eat, given you are trying to lose weight. So in time (and possibly a bit of self-education for some people), you should start thinking about healthy eating at the two meals you do eat, eating fewer calories overall - so bigger calorie deficit.
It all comes down to calorie deficit at the end of the day.
It doesn't matter how you decide to do it. 8/16 intermittent fasting is as good a way as any. You just have to ensure that you consume fewer calories than you use to lose weight.