It probably helps (for the reasons SGL pointed out), but it won't allow the moisture in the air to evaporate and thus lead to foggy windows, forcing you to use the defrost, which disables recirc and runs the compressor.

We almost always use the vent/floor blend setting for heat, since it doesn't run the compressor, unless the windshield is really foggy. If there's just a little haze, I just turn the airflow to defrost but keep the fan switch off, since there's usually a very small flow of air at all times. That usually does the trick without running the compressor.