Yeah for sure. Also dimming the sodium based street lighting will save huge amounts and until the science behind LED matures to safe levels, they should maintain the universally safe existing technology in residential areas.
There is a significant cost expenditure for local government in ripping out still functional units and putting in an entirely new piece of kit. Not sure about America but In England councils are systematically removing the infrastructure without factoring in the loss of destroying working public assets. The cost savings are minimal and they will probably have to replace the current choice of LED as it is making people sick. Not a good return on health or tax "mis-use" grounds.
There are exaggerated carbon reduction/money saving myths in the LED industry. Article below is more about household/internal LED lighting but they probably do likewise for the street lights.
https://www.theguardian.com/environment/2015/dec/17/leading-lightbulb-brands-making-false-claims-on-energy-efficiency