From a pure physics standpoint, maybe, but humans aren't ideal physics actuators. Your muscles' ability to fire, your nerves' ability to fire, and your brain's ability to drive those (and also recover from each action) affects the dynamics.
In particular, your ability to precisely release heavily obstructs your hypothesis. There's a reason that sharpshooting guns still fire on trigger pull and not on trigger release.
Imagine a game where you need to precisely hit many targets quickly, and you can either click on a target or release a click on a target. You will be much more precise and quick only clicking even though you're doing "extra movements" releasing between each.
I don't think this is right, because the second release is irrelevant (a click-click move happens on the second mousedown, not the second mouseup) and the first release can be done in parallel with the mouse movement. So really it is:
mousedown -> drag -> mouseup
vs.
mousedown -> (mouseup while moving) -> mousedown
With the click-to-move setting, the piece is activated on mousedown, and dragging is ignored.
(I'm playing at a significantly higher level than you, but nowhere near the elite players).
You can also drag and hover while waiting for the opponent move and release if the expected move shows up or right click to cancel the drag if not the expected move.
Also dragging and hovering over your target square is super useful to visualize your move and catch any last millisecond mistakes.
I do t think any of the top bullet/hyperbullet players does click and click. I think I have seen Magnus doing click and click in very old chess24 blitz videos but I’m not sure he did that in lichess playing bullet orin chesscom scc for example.