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You are correct. Load is load. Even an imbalanced load does work so its not an efficiency problem.
The diagram is a simplified version of an alternator. There will be more pole groups than is represented so the rotation distance between peaks of magnetic flux will be a lot closer together...
I fell like I should probably let you off the hook at this point.
I was asking those questions to make the point that the return path doesn't matter in regards to fuel efficiency or energy waste. The engine won't be loaded any differently whether a 5kw load is split equally between L1 and L2...