That's something but probably not as much as you think since hypervisors can share identical pages (e.g. the Linux kernel) across guests and the base footprint for a server Linux install is not that high as a percentage of the private data most applications use. Unless you're running a ton of unnecessary services on those guests or have an application which uses almost no RAM you're talking about a fairly modest percentage savings even before you factor in all of the things you might be running for container management and other overhead on that side.
The other thing to remember is that this works both ways: containers are great for being able to upgrade one component independently but that means that e.g. you might have a dozen different versions of a common shared library because not all of your containers are using the same base image & version and with Docker your storage driver might actually force shared libraries to be duplicated across all processes anyway.