You can gain a little more travel without the sway bar, especially if you have longer shocks and low profile droop bumpstops. But the IFS only has so much to give...
But remember, the sway bar (anti-roll bar is more properly descriptive) basically just tries to keep the two IFS sides level with each other. Good for controling body roll on the road, pretty much terrible for off-road where body roll is a given. With the sway bars disconnected (or gone) you get a lot less side to side rocking, because the suspension is free to flex independently for bumps without the sway bar resisting the impulse. So the off road ride is much more comfortable without the sway bar.
95 Trooper with a buncha stuff nobody here cares about...