Yes, it will save the power. This is my power meter for my server and Lab-Switch. The spike is caused by powering up five APs and an IP-phone which pushes the consumption from 112W to 162W:
 
Before
After

 
SW-Lab-c3560cx#show power inline
Available:240.0(w)  Used:127.1(w)  Remaining:112.9(w)
Interface Admin  Oper       Power   Device              Class Max
                            (Watts)
--------- ------ ---------- ------- ------------------- ----- ----
Gi0/1     auto   on         29.9    AIR-AP3802I-E-K9    4     30.0
Gi0/2     auto   off        0.0     n/a                 n/a   30.0
Gi0/3     auto   on         26.6    AIR-AP2802I-E-K9    4     30.0
Gi0/4     auto   on         15.4    AIR-CAP1702I-E-K9   4     30.0
Gi0/5     auto   on         26.6    AIR-AP2802I-E-K9    4     30.0
Gi0/6     auto   on         16.8    AIR-AP2702I-UXK9    4     30.0
Gi0/7     auto   off        0.0     n/a                 n/a   30.0
Gi0/8     auto   on         11.8    IP Phone 9971       4     30.0
 
					
				
			
			
				
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