Yes and no, depends on if the exporter and engine take advantage of it.
When we export, we store instanced objects as just one object in the file, only storing the translations for each copy. Saves a lot on storage space, also saves on vertex transforms, which directly affects rendering speed. Helps when you have a field of waving grass, for example.
VRML also supports instancing, although I’m not sure if the stock exporters use it. I did VRML so long ago… we were able to instance characters in a small VRML game, to keep the download super small. The fish, bubbles, and seaweed in this game are all instanced.
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