I'm saying that less drag and less engine speed are giving the fuel efficiency gains. I am saying that, typically, braking wipes out all of those gains and more. I am saying that regenerative braking often reduces the negative impact of braking enough that the gains -- from lower drag and engine speed -- aren't completely undone by braking.

I ride a low-power motorcycle. On the freeway, I get about 50 mpg. On back roads, with braking and generally higher rpm, I get 60+ mpg. For my low-power bike, the drag at freeway speeds takes more effort to overcome than does the varying speed and braking of back road riding.

And that is without regenerative braking. If I had regen braking, I'd get even better economy on back roads.