I might be wrong here.
I think the accepted wisdom is that it's generally more efficient to coast in neutral than to engine brake. Sometimes engine braking might be better, like:
Coasting in neutral gets you going too fast downhill (try cresting the hill slower so you don't have to engine brake)
You have to stop, and you can engine brake all the way to the stop (if you get into neutral earlier than this point, you save gas by removing the load earlier)
Otherwise, the gains from engine braking (hurrah I'm using zero fuel!) are offset by the (substantial) energy loss to the braking.
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