The calculation depends on the specific configuration of the vehicle, but yes, friction-reduction can be a better use of (some amount of) energy, rather than increased thrust.

E.g. hovercraft.

Edit: This concern is also addressed int he article.

>> He pointed out that efficiency is key to energy depositions for drag reduction, as the levels of drag reduction must be weighed against the added weight and power requirements. “The drag reduction system has to be more efficient than what you could get out of an engine or it doesn’t make sense to use drag reduction; you’d just build a bigger engine.”