If you’re not GE, your bags will probably make it to the carousel before you get through immigration. In which case the only time saving is the (roughly) 40 seconds it takes to throw them on the belt to be processed (they would already be tagged for your final destination, you just have to walk them past the customs officer yourself). Personally I would still check them, but YMMV. As others have said a longer connection may be advisable, but not for baggage reasons alone.