The jury is out on that one. The theory that works for me is no, not really.
As you drive, the rear tub generates a lot of turbulence, this causes the air that comes over the roof to "skim" off the turbulence and go over the tail gate.
With a hard lid, the turbulence is eliminated so the area behind the rear window becomes a low pressure point. This "drags" on the back of the ute causing it to use more fuel.
This is evident by watching the rear tonneau cover while driving. Because there is no turbulence there, the air is pushed down onto the tonneau cover creating a concave at the rear.