I found what I think it a schematic. This schematic shows a 3.3v regulator for all internal functions. So powering from 5V would only add dissipation to the regulator and NOT increase the current to the back light LEDs.
This is not entirely accurate. The regulator always has a difference between the input and output voltage, which can reach 1-1.5V.
By applying 3.3v to the input of the 3v3 regulator, you will get less that 3v3 at the output
You are correct (kinda). I didn't want to go into that much detail for this post but you are correct there is a voltage drop across the 3.3V regulator, however by spec its between 100 and 200 mv for this device (XC6206).