Well, my Kubota manual lists 2WD and 4WD at the same horsepower - no surprise there. So, it's traction. How much difference - 20-25% previously mentioned, maybe. I run in 2WD most of the time to minimize wear/tear. Heck, when the much smaller front tires are "light" (e.g. heavy brush cutter or box blade), the 4WD advantage is minimal. Also note that the front differential on most tractors does not lock, so in slippery conditions only the front tire with the greater traction is helping pull the load. 4WD drive is more helpful in compact tractors than it is for the larger, very heavy agricultural types (no FEL, just pulling tasks) - when one has a tractor that weighs over 4500 lbs, with rear duallies and a locking rear differential, the relative advantage of traction on 1 of the small front wheels is minimal.
Yes, it sure is nice not to have to switch to 4WD at the hubs, especially during snow/sleet. Do most of you folks who normally use 2WD, when faced with a temporarily challenging traction problem, stomp on the rear differential lock-up lever (yes, after the lower traction tire stops spinning), or reach down for a yank on the 4WD knob?
Listen, I love having 4WD drive whenever I need it, as it has saved my bacon on numerous occasions, & when the rear tires are "light" (e.g., FEL load), it is sure makes driving less dicey.