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There are a couple schools of thought, right lwien
1. lwien and others feel the big clouds fully blast them into orbit and right now. And that it is just as efficient as smaller sips/ more hits.
2. I'm in school #2 that any visible vapor exhaled is wasted goodies that never got a chance to be absorbed as there was way more than the lungs could absorb. I prefer little or no visible vapor and more hits are fine as I'm in no hurry. More small hits is my technique
For me it's like using a spray gun to paint a wall. You can lay on one huge thick runny layer to cover the wall in a hurry OR do several whispy spraypaint layers to cover the wall with less paint.
That's my opinion but others differ.
As others have mentioned, vaping is already way more efficient than smoking BUT for me efficiency is a huge deal. My stash is meager and I need to make it last a looong time. And growers can blow huge clouds as they have virtually unlimited supply/ small cost. My bud was $110 1/4 oz so money also drives my technique.