Beware that those 'battery level' readings should be taken with a whole lot of salt.
All that your experiment shows is that the battery doesn't drain instantly in either mode.
I believe that when not in 'Airplane Mode' the Kindle makes irregular 'phone home' pings to the mother ship, but if there's no new firmware update or any new books to download it doesn't really do much, and shouldn't consume much more power than with WiFi switched off. (It really makes a difference if you're leaving it for weeks, and add new books and progress updates on other Kindles, though.)
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