In short, yes. Single color (ie green) versus multiple (ie red+green=yellow) also makes a big difference.
Nice, thank you for your reply. So I guess one could expect going 0,511,511 with FOC 341,341,341 from the calculator about double the duration a battery charge lasts compared to the full drive equivalent of 0,1023,1023 with 1023,1023,1023 FOC (using Plecter values).
Update: I tested how much of an effect it would have on my Neo Saber (with NBv4, 30" Neopixel blade, two strips) and compared the above mentioned settings. I let the saber run until the blade and sound went out each time on a freshly charged battery (18650, 3120mAh 3.7V 11.54Wh protected, max. 15A continuous discharge current). Note that I just let the saber powered on and idle, combat time would likely be less, too. Here are the results:
Normal Power Setting: 0,1023,1023 (Cyan) with 1023,1023,1023 FOC
Duration until blade color degradation & flicker: 48 Minutes
Duration until sound crackling: 48 Minutes
Duration until battery empty/saber off: 59 Minutes
Low Power Setting from this calculator: 0,511,511 (Cyan) with FOC 341,341,341
Duration until blade color degradation & flicker: 66 Minutes
Duration until sound crackling: 73 Minutes
Duration until battery empty/saber off: 89 Minutes
Not as much of a leap I had hoped for, but definitely an improvement. With one full battery charge it can go over an hour with the low power setting, which isn't bad at all. One should note that while the full power setting is visibly brighter to the naked eye, it doesn't seem to be all that much, as the Low Power Setting still appears to be plenty bright to the naked eye, especially compared to in-hilt LEDs (even with photon blade).
Thanks again for creating this wonderful calculator!