Yes, it would. The game rendering in 1080p takes up more time than downscaling it to 720p does. However, I have noticed that it might actually end up looking worse. May I offer a secondary approach? Would you have any objections to playing whatever it is you're playing in a 1600x900 window instead?
I have found that 1600x900 downscaled by 1.25 to 720p using the Lanczos filter looks amazing and frees up quite a bit of CPU and GPU time in comparison to playing the game in 1080p.