If you follow this scenario to the extreme, you will end up with a single 120v circuit, with half of the power at half of the voltage, having the same current, resulting in the same voltage drop, so there's no increase in overall voltage drop.
Afraid not.
Say each balancing load tied into the neutral at the same location, say two fixtures every 320' rather than the OP's case of one every 160', all wiring of the same size. With one bank off in this scenario, the voltage drop at each load doubles... hence the "2" in the basic voltage drop formula... because the current running through this one bank of loads must travel through the neutral. When both banks are on, there is no neutral current, so the voltage drop per load is halved compared to the one bank off state.
This relationship is a bit more complex when balancing loads are not tied into the same point along the neutral run. For instance, in the OP's case and assuming 160' between the source and each subsequent load, where every other load is on a different leg, the balancing current (~2.5A) passes through every other section of the neutral. If the long bank is turned off, the current of the short bank adds up on it's return through the neutral conductor. There will be...
~12.5A on the section closest the source (whereas it was ~0A)
~10.0A on the next two (was ~2.5A and ~0A respectively)
~7.5A on the next two (was ~2.5A and ~0A respectively)
~5.0A on the next two (was ~2.5A and ~0A respectively), and
~2.5A on the last two in use (was ~2.5A and ~0A respectively).
This will amount to much more voltage drop than while the long bank is on but less than double.
Note: the reason I'm using "~" to indicate current values greater than ~0A is because the current through each load becomes lesser with increased wire distance... i.e. lower voltage equates to lower current... something I see very few stepped VD drop calculations take into account. And my use of ~0A is an indication that the current in such sections of wire is not exactly 0A, but otherwise considered insignificant to the problem.
This is one of the reasons we pro-MWBC guys like them; there's potentially half as much system-wide voltage drop as there would be with individual circuits; same with 3ph. It also points out why shared neutrals need not be counted as CCC's.
This is roughly true as explained above, and only while all "banks" are on. Turn all but one off and and the one remaining on is no different than an individual branch circuit. To utilize the lesser voltage drop of a MWBC, it should be ascertained within reason that all banks will be on or off simultaneously.
FWIW, the following depicts my basic 3% VD calculation for the OP's case using Excel...