Actually that does improve crosstalk. The important factor is the shared resistance between both channels. With 4 wires and a 3-pole plug the shared resistance is the plug's, which usually is <0.1 Ohm. But with only 3 wires, shared resistance consists of jack and the wire till the Y-splitter, which is close to half the cable's total resistance.
You can easily confirm (or disprove) my calculations. Just take a F1 with stock cable, drive one side only and measure the undriven channel in your IEC rig. It should give you a level about 11 to 12,5 dB below the driven channel. If you do the same with a 4 wire cable the measured level will be much lower if there's any. The additional volume that can be archived by a cable with lower resistance could easily be measured as well.
Interesting...
Plastics1 (crosstalk levels)

Effect Audio Thor Copper (crosstalk levels)

Difference between Effect Thor and Plastics1 in volume. I didn't remove the IEM from coupler to make the switch so it should be as close to reality as possible

I realized that the above picture presents measurement when only single side is connected on the cable (Left) so it removed cross-talk from equation.
Below is the same measurement (although this time I had to remove the IEM from coupler, but tried to place is in the exact same position) When both left and right channels are connected on the cable, measured channel is still left.

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