Yesterday rode with a friend who had just installed 152mm cranks. Had previously been on 170s. He's 5'6" but with distinctly short legs. It was his first ride of the season. Faster than he has ever been before. Not even close. And more comfortable. Completely sure he wants the short cranks on the other bike too. Not a guy who is even concerned with high speed and riding with him is mostly about socializing. But conversation would often be interrupted by realizing he had just slowed down, again, and was way back there. Not yesterday, he was right there the whole time.
My wife is short, 5'3-1/2". Had been on 165s and 170s and maintained there was no difference at all between them. Got her a pair of 150s, mostly to try and solve toe overlap on a bike that was otherwise great. She had adapted to the overlap and said it was not a concern, annoyed me endlessly. Plus we found antique Campy 150s at give-away. First test ride her response was "get these for the other bike too" after maybe one minute. Hills she had given up on due to advancing age are now done gracefully, and on higher gears. No longer a concern about ever lower gearing.
Purely anecdotal. Not sure there is other than anecdote on this issue. I've tried them myself at 5'11", interesting but no sale.