To a certain degree, yes. But in practice, you never get up to speed and back off until you come to a halt. You'll use more energy getting started, then have to brake more to slow down again. It's only minimal, admittedly, but over the course of a tankfull, it all adds up.
Look at it like this. If you have to travel 1 mile in distance. The most economical way to do this is to acceleralte until you reach just enough speed to coast to your destination without braking. Smaller wheels mean you use less fuel reaching that critical speed, and then coast to a halt. Larger wheels will mean that you use more fuel, although the critical speed will be slightly less as there's more kinetic (stored) energy once you're moving and you'll coast for longer. However, once you have to brake, all the saving of being able to coast further is lost, and the extra fuel used to get you up to speed is wasted.
Now ask yourself, how often do you drive like this?