I'm a Systems Reliability and DevOps engineer for Netdata Inc. When not working, I enjoy studying linguistics and history, playing video games, and cooking all kinds of international cuisine.
There are indeed other things you can do to optimize your code, but eliminating memory allocations (and de-allocations) is one of the easier ones that's consistently a win in most languages. That's one of the other reasons to group your variable declarations at the top of a function aside from making the code easier to read, some runtime environments and compilers will actually be able to further optimize things so that there are fewer allocations that need to be made that way.
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There are indeed other things you can do to optimize your code, but eliminating memory allocations (and de-allocations) is one of the easier ones that's consistently a win in most languages. That's one of the other reasons to group your variable declarations at the top of a function aside from making the code easier to read, some runtime environments and compilers will actually be able to further optimize things so that there are fewer allocations that need to be made that way.