Plenty of real world testing in other large heavy vehicles shows that smaller displacement often does not equal significantly improved fuel efficiency.
Deviate from the ridiculously unrealistic EPA fuel economy testing and drive real highway speeds and larger displacement engines often still hit their targets or at least closer than smaller displacement engines.
To move a brick shaped vehicle that weighs 5500lbs (give or take) at 75-80 MPH requires “X” amount of horsepower to be made to overcome wind resistance, driveline friction, tire rolling resistance, and a few other factors. An engine that can produce that required horsepower as close as possible to a perfect stoichiometric air to fuel ratio as possible at the lowest RPM possible will probably be more fuel efficient. So the goal is to stay out of boost (if the engine is turbocharged), and push the tallest gear possible.
At realistic highway speeds I will put my money on a larger engine achieving numbers closer to the EPA highway rating than a smaller one. Especially if the engines in question are turbocharged gasoline engines. While both might have to get into boost, where fuel demand goes way up, the larger engine will typically have to get into boost less often to make required power.
If your use case doesn’t involve a lot of highway travel above 70 MPH the Land Cruiser might not be too far off EPA estimates. That doesn’t describe highways where I live though, speed limits are higher, so that 2.4L turbo is going to spend all of its time on the highway making positive manifold pressure to make adequate power to sustain 80-85 MPH.
Ask yourself if a 2.4L naturally aspirated 4 cylinder engine would realistically be able to efficiently or effectively propel the new Land Cruiser at highway speeds above 65 MPH? Probably not. It has to have a turbocharger to achieve that, and the turbo is going to be making boost basically the entire time aside from going downhill. The 3.4L V6 of the GX550 has a better chance of not needing to build positive manifold pressure more of the time on the highway. Not enough to be more fuel efficient, but enough that the fuel efficiency gap will be minuscule at higher speeds, but the GX will have more fuel range because it carries more fuel.