Why would you still do be doing that work? If a value goes into a no-op, then the value isn't computed. (In theory - I'm sure it doesn't always work out 100% of the time in practice.)
Are you saying that Java does or should "optimize" in such a way that it branches to the logic within each method called during runtime, inspects which code would be executed per possibly mutable runtime values (like log level), considers possible side effects (in-method and in parameters) then decides whether to even invoke the method at all?
One of the bigger wins with the JVM is assuming that a virtual method can be called statically if there are no derived classes. That's a huge win for every leaf class in the class tree. The assumption can change every time a class is loaded of course. The optimization is called devirtualization and it can be combined with inlining to get even bigger wins.