You know, studies how that 78% of all statistics are just made up.
How do I know? Well.... I just made it up... which only proves the point.
I have no idea how one would go about measuring the "swing efficiency" of a hammer.
The next question becomes: where does the wasted energy go? You see, energy can't be created or destroyed (except in a nuclear reaction). Energy can be stored as in a battery or a spring. It can be converted to another form as a lightbulb converts electrical energy to light and heat energy. Inside your muscles, energy is stored chemically and then converted to mechanical energy on demand. But energy can't just go away. So, if your hammer only delivers 70% of the energy you impart to the swing to the nail, where does the other 30% go? I think it's safe to assume that it's not stored somewhere. Into moving or heating the air, i.e. wind resistance? I doubt that you loose 30% to wind resistance in a hammer swing of nomially -- what? -- four or five feet. No. This idea that a hammer swing is only 70% efficient is just silly.
Inefficiency could occure if energy was dissipated deforming the face of the hammer. Ti is harder and would deform less than steel. But, I think that for the purposes of an impact powered by human muscle, the deformation of the face of the hammer will be negligible with either steel or Ti.
Loss could come from heating of the hammer head due to the shockwave oscillating back and forth in the hammer head (what might be perceived as a ringing sensation). Ti has less of a mismatch with air and so the reflection won't be as great. But, again, I'm grasping at straws here. The loss in question will be minuscule regardless of whether the head is Steel or Ti.
If nothing else, the heavier hammer picks up more energy from gravity so it ought to be more efficient.
The engineer in the house calls BUNK on this claim.