I found one attempt to quantify the issue [0] which found differences which I don't think are very compelling, especially when you consider how insanely cheap disk space is compared to even a tiny time-savings in developer workflow.
Here, some napkin math just to put the orders-of-magnitude in perspective:
1. Assume the entire kernel repo is 1.5GB.
2. Assume your format shrinks it to 1.0GB.
3. Assume a $50 SSD with 1024 GB capacity.
4. ((1.5-1.0) / 1024) * $50 ≈ $0.025
5. Assume an *underpaid* developer at $20/hr.
6. $0.025/$20 * (60*60) = 4.5 seconds
So the disk-space benefits of reformatting to get the kernel-repo down by a (huge) -33% is wiped out if the (underpaid) developer ever spends more than +5 seconds dealing with the formatting.