The hardware was designed with two options to drop the battery voltage to a level, which can be fed to the ESP32: A voltage regulator or a simple diode.
A test with increased data rate (for a shorter test duration) showed, that the voltage regulator leads to a slight battery life benefit.
Using a measurement interval of 30 seconds and a WiFi connection interval of 3 minutes, the 2500mAh LiIon (3.7V) battery lasted 30 days with the diode and 36 days using the voltage regulator.
The selected voltage regulator has a quite low drop-out voltage and more importantly a low leaking current during the deep-sleep phases, which have a very low current needed by the ESP32.
In comparison a diode has no leaking current at all, but a more or less fixed voltage drop.
The benefit of the voltage regulator is, that the battery voltage range can be exploited further than what can be done with the diode.
The lowest operational battery level was 3.2 V using the diode and 2.8 V using the voltage regulator.