The app itself does not, but you gotta watch out for what you use because stuff like recording, RTX HDR, radiance, filters, and more, do have a performance impact and using many of them at once can significantly affect system performance.
I turn everything off for the simple fact that it is eaier to troubleshot for a problem when you have less possible causes, and in the past, when i researched for some games, nvidia app and overlays were definitely listed as possible causes, even if it is rare.