There is no need to save after setting each attribute.
Usually you save only the managed object when the code is executed with it, and saving cancels the undo. In the setup you describe, you can safely generate hundreds of managed objects before storing them in persistent storage. You can have a large number (thousand) of light (text attributes) objects in memory without stressing the iPhone.
The only problem on the iPhone is that you never know when the application will be paused or turned off. This saves more than other platforms. However, not to the extent that you are currently using.
The Master Data Effectiveness section of the guide helps you plan. Tools allow you to see the details of Core Data performance.
However, I would not do anything until you tested the application with a lot of data and found it slow. Premature optimization is the source of all evil. Do not waste time to prevent a problem that you may not have.
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