Am I saving memory here?

I have an automation that sets a helper input_text entity to “home” or “away”. In the UI I can set the minimum and maximum length from the default of 1 to 100 (characters, I assume). Would I be saving any memory by setting the “maximum length” parameter to 4 in my example?

Yes but it would be an insignificant amount. You’d be saving yourself some hassle and getting the frontend result you want if you do this instead: