It slows down write speeds, but I've never read (or experienced) it slows down read speeds. In everyday usage consisting mainly of reads with minimal writes, I don't know how much degradation a typical end-user would experience. The explanation hinges on the technical details of how flash functions but most importantly for us is that it's best to maintain a <70-80% capacity level. Not only does it slow the writes down by about 10x--but again, whether an everyday user experiences this slowdown since NVMEs are multiples faster than SSD, which are themselves multiples faster than spinning drives, is questionable--it also shortens the lifespan of the flash media, which has a finite amount of writes.
The silver-haired among us might remember when 3.5" SSDs were new and OS X couldn't handle TRIM correctly (and didn't know the drive it was on was an SSD) and would subsequently slow down until we instigated the drive's garbage collection manually (usually by booting into Windows/Linux). That was about ten years ago if I'm remembering correctly so I'm having to dust some cobwebs off the corners of my brain. 🙂