No, but it may effect accuracy in you speed up too much. All time dilation do is modifying delta time in ticks fooling code that frames being rendered in different frame rate then in reality is and effectively changing speed of the game. But game is still processed and rendered in same rate just with different time flow values, so it should not effect profermence at all.
Speeding up increases the delta time that means calculation will be done in lower rate reticently to game progression means there will be less time to process state in specific areas will be less processed and things may glitch out. But same things can happening with speeding up single actor, only difference is global time dilation will speed up all actors.