Not really, it just modifies the color balance. Less vivid = more whiter = all the 3RVB oleds are being used more equally. More vivid = more color = 1 oleds or two are more activated, or in fact, the other is less activated.
Anyways, the blue oled ask for more energy, but the difference is so small, that it can't impact your battery usage if you compare to the general use of the device.
Brightness plays a lot in the screen power consumption, plus the fact the image displayed is darker/whiter. So use dark theme with dark background at 25% luminosity if you want to save battery, but the balance setting will not really impact anything since it just modifies the color, not the level of light emitted and so the power consumed.