Efficiency isnt just reliant on high voltage and low kv, the motor, esc, and batts all play a part, as do the laws of thermodynamics... In short, you would need the most pure of pure copper wire and solder for the efficiency to climb over about 90%.
Using high voltage & low kv means you use less current to make the same amount of power as a lower voltage & higher kv setup, so that does lower the energy lost as heat, but you are still limited by the materials and contstruction methods of the components in the system.
For the typical racer or basher, a 6s lipo & ~1700kv setup is about as good as you can get; something like 12s & 800kv is better for 1/5 scale models that suck current like... yeah...