I finally got around to testing this. My brother and I both used Edge 1040.
I used the original Garmin Speed sensor on my front wheel. Granted - I haven't calibrated it in several years, but I recall doing so in a large paved lot. My brother did not use a speed sensor, but rather, used the stock settings for the Mountain Biking profile (I assume this has the higher gps settings by default). Both running firmware 14.5
We rode almost entirely through heavily wooded singletrack in valleys, with many 300' descents and climbs. Most of the trails were on ravines with tight switchbacks.
With speed sensor, I logged 21.75 miles
Without speed sensor, he logged 20 miles
I think this is actually pretty good compared to the older models, given the terrain. Although I don't see the sensors as a necessity for road and gravel (unless you go through a lot of extended tunnels) - I will continue to use them for singletrack mountain biking.