My guess is negligible.The only "test" I was really wondering about was the Finder lag when opening windows or the open/save windows in applications. Which causes less lag: a large capacity mechanical drive with multiple partitions formatted HFS+ or an APFS formatted one with the same number of multiple volumes?
File transfer speed wasn't a problem for me…slow is slow no matter which format.
For me it makes no difference as I don't constantly run any mechanical drives anymore. I still have some mechanical HDs I use for backup but they're not turned on for regular use.
Even with a USB NVMe, I can have a few second delay before the Finder will load the full file list and icons/previews. However, that seems to only happen the first time the drive is accessed following a fresh connection or computer boot/restart. Otherwise, at least from what I recall, the file directory/structure stays cached.