It depends how they would have the diesels hooked up to the generators. If the diesel shafts simply ran through the electric motors and turned them while the diesels were running, then there would be no loss in effeciency.
In Silent Hunter 3, one of your engines would switch to turning over an electric motor inside the sub, leaving you with only one screw, thereby making it less effecient.
In SH4 though, both props keep turning while recharging, so it may be the case I stated above.
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