Yes, but that only matters if we can easily consume that energy. If we need the hot water, then that's easy—no conversion loss. Otherwise, it gets trickier, especially in a small-scale setting like a home.

All homes use at least some hot water for showers. In many climates they can use a lot of energy for heating which means a very large tank could be useful in winter.

I read a study looking at the difference between tankless and tank water heaters.

Summary the more hot water you use the smaller the win is for tankless.

Other thing I've read and seems true is gas and heat pump water heaters cost about the same to run. I installed a heat pump unit five years ago. Works okay for two people. If you had three teenage girls and a wife that likes baths a tankless would be a better choice.