Even more traces, now using a wmos D1 mini, fed 3.3v from the TTL<->USB adapter.
First, running with wifi off.
The program runs with 18mA (BY) and then drops to under 13mA when going to sleep.
Here is the same, but scaled to 100mA/div to allow the next comparo.
And now with wifi on.
We see a very high peak of 428mA and the program runs at 78mA (BY) (using 15mAs).
However, I see a rather large deep sleep current (around 700uA) so it may kill some the savings.
[correction] In a cleaner setup I measure 140uA. Very much higher than a naked ESP but manageable.