A twin engine aircraft with one engine operating (OEI) suffers considerable drag penalties. First, there is the drag of the windmilling engine. Since the engine is likely out on the wing, it causes a significant moment that requires rudder and aileron deflection to offset.
Best range for a transport aircraft occurs at high speed -- approximated by best $M\,L/D$. We usually cruise a little faster than that because we value time. Consequently, we usually cruise at pretty high throttle and the TSFC is pretty good.
Your suggestion would make more sense if we were flying for best endurance -- where we fly slower, require less throttle, and would incur a greater penalty for low TSFC from operating at low part-power.
That said, there is this proposal for a two-engine aircraft (with different sized engines) that would turn on and off depending on the phase of flight.
I believe the four-engined P3 Orion would shut down one engine during cruise.
Also, there are three-engined helicopters that shut down one engine during cruise to get longer range.
Edit below:
A jet engine has a characteristic that we call a 'thrust hook'. It is how the TSFC (y-axis) varies with thrust (x-axis) as throttle is varied at a single flight condition (Mach, altitude).
In this case, the thrust axis has been normalized by the sea level static (SLS) rated thrust. The flight condition is typical high speed cruise.
At this flight condition, maximum throttle only delivers about 27% of SLS rated thrust. This is due to thrust lapse.
The shape of the thrust hooks is what is important. They usually have a relatively flat region near high throttle settings. This is observed from about alpha=0.17 to 0.25.
Then, there is a fuel flow penalty at very high throttle -- from 0.25 to 0.27 (some engines don't really have much here).
On the other hand, for fighter engines, this would be where afterburners kick in -- the thrust jump would be much larger, but the TSFC jump is crazy too!
More interesting to us is the gradual (but steep) TSFC penalty at low part power (alpha less than 0.17) -- getting really bad at flight idle.
Lets say an aircraft was at a flight condition where flying with both engines operating required alpha=0.09 (TSFC=0.72). Instead it could operate on a single engine at alpha=0.18 which would give TSFC=0.65. Which is about a 10% improvement.
So, you're looking for a situation where the 10% fuel flow improvement is larger than whatever drag penalty you would have.
Many loitering missions involve flying in circles. For example, a long endurance drone that wants to continuously monitor a certain region of the world.
![enter image description here](https://cdn.statically.io/img/i.sstatic.net/6ujiZ.png)