Yes, new emitters are more efficient so I think you could end up with a similar or a net gain in output depending on what emitter you choose.
Some estimate numbers:
See here for some relevant tests from djozz.
He tests an R5 XPG2 but the output should be close to an R5 XPG according to cree datasheets. You can see some high cri emitters in that test. From looking at maukka’s test of the sst20 below it looks like the output is similar to the R5 XPG2.