No. Bluetooth-LE, or Bluetooth Low-Energy (or even Bluetooth 4.0), is a new standard which addresses the power drain of the old Bluetooth technology. It’s also a lot easier to pair with!
Regardless, switching over to Airplane mode on will extend your battery life even longer. (And if you’re on Android, make sure to switch GPS back on after selecting Airplane Mode. On iOS, toggle Bluetooth back on after switching into Airplane Mode.)