I think some smart drivers knows that multiplying any incomming vector/point with an identity matrix is useless, and skip this operation if the identity matrix is loaded. You can load all matrix stacks with the identity matrix, and maybe the driver will skip multiplication. But there is no general way of disabling these operations.

You can try glHint(GL_PERSPECTIVE_CORRECTION_HINT, GL_FASTEST) aswell. But this is a hint only, and the driver can choose to ignore them.

As far as I know, the answer is “No”. But most drivers will (should ?) not do any operation if you set those matrices to the identity (use glLoadIdentity() for that: do not try to load your own identity matrix with glLoadMatrix !!).