Yes, of course. With better combustion of the fuel, there’s not only increased horsepower but also better fuel efficiency.
As a matter of fact, you can note an increase in mileage by up to 5 miles per gallon. Horsepower can rise by up to 20.
Note that the cold air intake introduces more air into the internal combustion engine, and some folks want to compensate for that by adding fuel; that’s the wrong approach. Use fuel as usual, and you will realize the efficiency we’re talking about.