Yep. It just uses that energy for growth rather than exothermic heat.
Do insects and arachnids need to burn calories?
How many calories does the average ant need in a day?
Ants Have A Stealthy Way Of Shedding Unwanted Calories
An interesting tidbit from the last:
More importantly, however, is that if an ant has extra calories, she will share them with her nestmates! Ants have a social stomach or crop, which is a separate food storage organ before their digestive stomach or midgut. When an ant feeds, she directs enough food to her midgut to meet her nutritional needs, and the rest to the crop. I say “she” because all worker and soldier ants are females. If she is hungry later she can move some to the midgut, but if another hungry ant passes her and taps her head with a special code using her antennae, saying, “Feed me,” in ant sign language, then the first ant will vomit out some stored food so the second can eat.