Yes, most residential branch circuits are either lightly loaded or heavily loaded for relatively few hours a year.
Use of larger conductors than code mimimum will save energy in such cases, but very little in comparison to the extra cost of a larger wire.
In view of the rising cost of electricity, it might be worth upsizing wire sizes for residential long hour loads such as water heaters or A/C units. Unlikely to be worth it for lighting or outlet branch circuits.
I suspect that most residential 20 amp branch circuits have an average load of less than 2 amps.
For large loads that run throughout the work day, or even 24/7, in a business then do the math ! upsizing is often worthwhile on energy saving grounds.
Consider a feeder for a 24/7 100KW load with a loss of 2%, that is a waste of 17,000 KWH a year or perhaps $1,000 a year.
A larger cable that halved this loss would be a wise investment if it cost only a few thousand $.