That's an interesting theory, but in my case I don't think it fits for three reasons:
1/ The power goes up with the network is idle.
2/ My server uses old hand-me-down components, in this case an Athlon 1000 with basically no power management (well, that works anyway).
3/ I nearly burnt my finger on the network card.
I expect the CPU is drawing it's rated 52W _all_ the time.
I do notice that the 5 port switch is only a bit warm, despite handling 3 Gbe connections on top of 1 100Mb connection (if it was a cup of tea, I would call it warm).
Just tried a file copy, and the power usage does go up by about 15W whilst managing 33MB/sec. That is split between workstation, server and switch though, so that could be all in the workstation which is athlon64 and so does most certainly have power management. Having said that, the A64 on idle can probably run rings around the athlon 1000