If RAM has an insufficient amount of memory to hold a process, it borrows some amount of memory from a secondary storage, such as the SSD. As a result, the slower speed of the SSD does impact how snappy the system feels in everyday activities, such as cycling through a photo collection in Preview, using multiple internet tabs, etc. This is especially noticable on systems with 8GB of RAM, becuase macOS will start using the SSD for memory swap more frequently.
As mentioned though, this has been discussed endlessly.