A faster twist does dump rotational energy into the bullet, but the energy difference between two twist rates will be miniscule. The effect of twist rate on velocity would be my least concern related to twist rate.
A given bullet has a minimum twist rate required for stabilization. To the first order, the accuracy of a perfectly uniform bullet will not be hurt by faster twist. A real bullet is not perfectly uniform. A faster spin rate will increase the wobble resulting from these imperfections, and hurt accuracy. For best accuracy, the minimum twist required for stabilization is best. High quality (more uniform) bullets are less affected by excess spin rate than cheap (less uniform) bullets.
A good example is 55 gr .224 bullets in 1:7 twist. 1:7 twist is overstabilized for 55 gr. Cheap .223 ammo generally gets 2-3 moa while match ammo can get 1 moa or better. The better uniformity of the match bullet makes it less affected by excess spin rate than the cheap bullet.
There are consequences to excess stabilization. With the appropriate minimum twist, the bullet will "nose over" in flight as the trajectory curves downward toward the ground. With excess twist, the bullet will be more resistant to nosing over. This increases the angle of attack and increases the downrange drag, reducing downrange velocity (not muzzle velocity). Within the suitable range of twist rates, this difference should be very small.
Of course, an extremely fast twist can rip apart the jacket of the bullet with excess centrifugal force, so there is a limit to the tolerance to overspin.
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