Not really, Denuvo basically only affects loading times. I've tested this by cracking my steam games that have it. No performance difference and just a small boost to load ups.
Denuvo absolutely can affect performance in games, it just depends on the game and how heavily Denuvo is implemented (which is different between every single game). RIME is the go-to example of absolute proof that Denuvo 100% can/will fuck with performance, though it's more as a "worst case" example because in that case Denuvo was simply implemented poorly (was pushing 20+ triggers basically every single second the game was running, which was absolutely not the intended way of using it and utterly killed performance).
Denuvo affects performance because it implements certain triggers randomly throughout the game, in
both loading screens and gameplay, which are obfuscated and virtualized (as Denuvo is based on VMProtect3, mostly), and thus has to be un-obfuscated and translated from whatever virtualization instruction set it uses -> x86. This will
decrease performance of whatever game you're playing as your CPU has to spend the processing power and additional instructions to decrypt the obfuscated instructions/process the VM translations, even if you have some monster CPU like a 3950x.
How many triggers are implemented and where they're implemented will change how much of a decrease in performance there is, but basically every Denuvo game will see some kind of performance improvements during gameplay (whether it's major like RIME or more minor like Doom Eternal, where you will get around 5-7% worth of FPS gain when Denuvo is removed), and there are plenty of videos going across plenty of different Denuvo games cracked/uncracked that show exactly that.
