When it comes to lifts if you regear correspondingly to offset the effects of larger diameter tires, then the fuel mileage hit isn’t quite as bad. My Bronco had a 4 inch lift and 33 inch tires. The stock rear (and front) end gears were 3.55’s which was fine for the stock 29 inch tires. But with 33’s they were not adequate. I had 4.56 gears installed to counteract the effects of the tires and offset the added drag with the lift. 4.10 gears with 33 inch tires would’ve put me right about back to stock (same effective ratio as 29 inch tires with 3.55 gears) but I opted for the 4.56’s for a better acceleration and to offset the added weight of the bigger tires.
With the lift, tires, and new gears, fuel economy was only about 2 MPG less than it was stock.