High voltage conducts power more efficiently, but the actual power consumption of the system will be the sum of the resistance (electrical power turned into heat) and the work done. When the conductor size and material is correct for the application, the differences to perform the same work would be so minuscule you'd need lab equipment and methods to detect it. The efficiency of higher voltage is all in conductor size, weight and cost. This goes well beyond the RC world with applicability in AC and DC systems from micro to gigantic. I've personally put together and maintained power systems using transformers, motors & converters as high as 60 horsepower and 440VAC all the way down to 4mm can diameter PMDC stuff. Conductors of steel, aluminum, copper, brass and gold, both mechanical relay switching and solid state semiconductor. Also have 31 years of hobby grade RC experience and currently run & maintain 36 brushed, brushless and nitro ground vehicles from 1/5 to 1/36 scale.
It's conservation of energy. While I am in full agreement with Bill that heat is the enemy of efficiency in an electrical system, we diverge where the effects and mitigation of that variable are concerned. Again, watts are watts, and if your system is designed correctly for the power used at the voltage it will be supplied, the watts will be equal for the work done. It's when the demands of the system are greater than the components, including the wire conductors or the boards, semiconductor parts, resistors, capacitors, etc inside assemblies, were designed to supply that the efficiency suffers due to turning more of those watts into BTUs. And that holds true whether you're trying to draw too many amps or push too much voltage, though excess voltage usually just kills components in the same way that excessive mechanical pressure will cause a hose/tube/vessel/seal to fail.