So, I designed a 5 mile long square shaped "course" and flew it once in Sport Mode and then again in P mode (OA off). Except for when I had to turn I had the throttle pegged in both cases. I then uploaded the logs to HeathyDrone and their algorithm predicted the Sport Mode mission would have had a full battery range of just over 7 miles and the P mode mission full battery range was estimated at 9 miles. I repeated this exercise twice with similar results. So, there is an efficiency penalty for using Sport Mode that will vary by how you use it but looks to be about 25% in my crude test given the conditions of that day and my calibrated throttle thumb.
From a more subjective standpoint, the noise level, at say 200', is noticeably greater in wide open Sport Mode than in wide open P mode if the MP is directly overhead. If that matters then P mode it.