No. And I don’t think apple would ever give a vague system setting that would cripple the user experience without clearly explaining it.
I’ll give you an example regarding these 2 apps.
Without BG App refresh WhatsApp won’t backup daily (if you set it that way of course) in the background and won’t download media like photos and voice messages when they arrive in the BG. You’ll have to manually download media or have the app open for them to download automatically. To be fair though, even with BG app refresh the auto download for media is not real time.
Google maps won’t update offline maps in the background when the time comes (is it every month or something? Not sure since I don’t use it anymore) but location will work as usual.
Social media apps might also update their feed so that you won’t have to wait for refresh/new content when you open them again, but if you (or the phone) kill the app there’s little to no difference when you open them again.
TLDR;
From my personal experience I found out that there’s no benefit at all for me when I stop BG refresh. The cons are also not that big of a deal, because I just have some minor inconveniences like having to wait for WhatsApp voice messages to download when I open the app.
You can try both or simply select the apps that you want to have BG refresh on!