The package size:
I believe that "Ran Hassid"'s comment describes well about the package size.
Memory usage:
Just create an android apk file with some static final strings and then decompile it. You will see that the variable has no initial value in the compiled version and the value is replaced in all references!
For example check this sample from my decompiled apk which is also obfusicated by proguard:
public static String f10850f;
...
...
...
hashMap.put(C1554f.m14687a("\u0014]SCVQ^V"), str);
here is the actual code I have written:
public static String packageName="\u0014]SCVQ^V";
...
...
...
hashMap.put(EncryptorClass.decrypt(packageName), str);
In this case, the static final String variable in my written code has value of "\u0014]SCVQ^V" but it is not used in run-time and just copy/pasted in related pieces of code.
So using static final String variables needs no memory because variable has no initial value.
Have a look at android docs about using static final variables
Also take a look at this post regarding memory of variables with no value
Overally, I use static final variables and string resources for different purposes like code encryption, language support and whether I want to access the variable using a Context or not.