In short, Yes. If the same air conditioner runs for one hour both in cool mode or dry mode. The unit will draw more power in cool mode than in dry mode, if the set temperature for cooling mode is lower than the current room temperature.
Brief explanation:
First of all; not all air conditioners are made the same. Air conditioners can vary in functionality, system programming, design and technology with the change in brand, model and how old the unit is. That being said there is no day and night difference between all latest generation models of any brand.
The most important function of an air conditioning unit is to provide comfort, and all latest generation units are designed in a way that they provide comfort in the most economical way possible. The dry mode is meant for high humidity, moderate temperature situations (it is most useful in tropical and subtropical environments). It will not perform well in super hot, high temperature situations.
Example:
If the temperature is below 30°C, with extreme (80% plus) humidity (This will mostly occur in monsoon nights), then dry mode is the preferable choice. As you don’t need to lower the temperature, you just need to decrease humidity to feel comfortable.

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