It would reduce expenses some, but the revenue loss would probably meet or exceed the expense savings. Akron is going to have to continue paying ~$4.3 million for Infocision per year for the next 20 years regardless of if they stay FBS, drop down to FCS, or disband football altogether. Dropping out of FBS means we're likely to be booted out of the MAC. That means we'd see an increase, not decrease in travel costs as the MAC is a pretty compact conference. We'd lose out on ~$800k in annual tv revenue. We'd miss out on ~$1.5 million per year from the college football playoff G5 distribution. P5 schools pay G5 schools ~$1.3-$1.5 for buy games. Many P5 don't schedule FCS opponents and the ones that do only pay $300k-$600k so that's another loss or reduction to a revenue source. You can also add in reduced advertising and ticket sales. I'm sure there are other things as well that I'm not accounting for.
Excluding the cost of Infocision, which is a sunk cost, the football program is most likely breaking even given all the revenue sources that I mentioned above. Men's basketball and men's soccer are probably both slight money losers as well, but mostly pay for themselves. Literally every other sport plus administrative overhead costs is where the athletic program is bleeding money.