Relative to how much resources you burn through when you smelt them back to less ingots you don’t gain much no.
Just going from smelting back 23 ingots to 22 means you use 3 ingots each craft instead of 2, which is a resource cost increase of 50%…. Number of crafts I think is very important. I always try to stick to stuff I smelt to 23 or in worst case 22. Equipping items before smelting helps too.
To compare to your numbers, I just capped blacksmithing with malachite ingots and used about 10k from 127.5 and I smelted back to 22 ingots with 140 bs.