Let's first reason about it with some simple mathematics:
- At the moment you don't need to push any vertex data onto the GPU (each frame), but 12-16 floats matrix data per quad, and perform a matrix-matrix multiplication per quad on the CPU.
- When putting all in one VBO, you have to transfer 4 vertices (~12 floats) per quad, but no matrix data (except for the global VP, of course) and you have to do 4 matrix-vector multiplies (~1 matrix-matrix multiply) on the CPU.
So the amount of work and data transferred doesn't really change much. But what changes is, that the transferred data is shifted from many many small uniform updates to a single large VBO update, which is very likely to be faster (both because a buffer update is likely to be faster from the hardware side than multiple uniform updates, but don't nail me on that, and second because of the much reduced driver overhead). And on top of that comes the even more reduced overhead by using a single large draw call instead of many smaller.
So yes, it will certainly be worth a try, though it has to be evaluated if it is really a "significant" improvement in your particular application.