The mechanical noise of all the engine parts moving far exceeds any noise the actual ignition makes.
In full lift off the injectors do not fire (there may be no spark either, but I'm not sure). It matters not the gear or the RPM's as long as the engine is above idle speed. As you approach idle the injectors will begin firing again to prevent stall.
You do get great mileage in neutral as well because idle fuel burn is minimal and there are times where that is going to save more fuel than lift off if you can do it for longer. But if you're going down hill you absolutely should be in gear.
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