^^^This.
Don't think drive ratios as much as rolling resistance caused by wider and more aggressive tires, and the increased air turbulence under the vehicle and what it does to drag at highway speeds.
On a previous vehicle I lifted it 6 inches, but the new tires and wheels were not coming in for a week, so I drove it around for a while with the original tires/wheels/gear ratio, but a 6" lift. Looked goofy. And I lost nearly 20% gas mileage at highway speeds. This loss was caused by the lift alone. Then I added the larger, more aggressive, tires, and lost even more MPG.
So until you compare similarly lifted vehicles (with similar under vehicle clearances) with similar size, compound, and tread pattern tires, any fuel economy comparison is for warm fuzzy only.
One thing I have noticed about the Raptor (only had it a bit over a week, and 900 miles so far, so still learning), the over the road MPG appears really tied to speed (and I assume largely drag). At 55 MPH and below it gets quite good mileage (in my opinion and for what it is), on the order of 20 or better MPG over distances. At 60 - 65 MPH it is more like 17 to 19 MPG. But above 65 MPH it drops off rapidly. This mornings fillup was 338 miles (25% light city driving, 75% two lane desert roads at 65 – 72 MPH) and 21.3 gallons, for about 15.8 MPG.
T!
Mine is identical. If I don’t try and hustle I’m averaging 15.5ish. However with gentle acceleration and moderate speeds (no boost). 20+ is obtainable.