All other things being equal, _if_ unused RAM used less power: yes.
Unused RAM doesn’t use less power, though. Writing and reading it do, but afaik, all current systems happily refresh the memory content of all RAM, including unused RAM, and that’s what eats the power in an idling system.
Installing less RAM will help, though. I think that’s one reason why Apple ships iPhones with less RAM than flagship Android devices.