Only if you render at 60Hz/120Hz/etc. like games do.
If you have a static UI, you can skip rendering frames until "something" happens. That's going to burn no more power than a retained-mode UI.
Sure, the immediate mode UI may redraw 100,000 triangles vs the retained-mode 100 triangles. However, that's just not a bottleneck on practically every device nowadays. And I doubt that the difference is that stark as rendering scaled text properly is still just egregiously expensive in terms of computation.
However, everybody nowadays has to "ANIMATE! <jazzhands>" so you're rendering 60Hz anyway irrespective of type of UI.
And if animation is required by application (film editor, digital audio workstation, etc.) it's not clear that you really can do anything other than immediate mode. Do note how many of those kinds of programs wrote their own GUI over the years--that says something.
One thing that people don't mention is that immediate-mode UI's tend not to suffer from as many synchronization issues and retained glitches as retained-mode UI's do. Even if you don't get the update correct in an immediate-mode UI, the next frame the error goes away. In a "retained-mode" UI your widget needs to "refresh", which may not happen except in very rare circumstances. I have had to grab the corner and adjust a window size a couple of pixels innumerable times in order to clear UI glitches over the years.
I should probably comment about threading and the "UI Master Thread", but I don't think I've seen a good example of an immediate-mode UI running multi-threaded, yet. You probably need Vulkan to even have a hope of pulling that off (OpenGL is notoriously multi-thread hostile).