I actually had the same worry at first, but after tweaking mine, I noticed the opposite effect. When I first installed my smart thermostat, I left it on default settings thinking that'd be the most efficient. But then I started experimenting with sensitivity—mostly because my home office was always feeling stuffy—and surprisingly, my monthly usage dropped slightly. Seems like the thermostat got better at predicting when to ease off or ramp up, rather than constantly cycling. Might depend on your home's insulation though...
Interesting take—I get what you're saying about the thermostat learning your routine better, but I'm not totally convinced it's always about insulation. I noticed something different: when I adjusted my thermostat's sensitivity, it actually cycled more frequently, trying to maintain that perfect temp. Ended up using a bit more energy overall. Maybe it's also about the layout or even where the thermostat's placed? Could be worth checking if yours is near drafts or direct sunlight...