There is a noticeable impact on I/O performance on Macs without T2 chips. My iMacs SSD performance decreased from 950/900 MB/s read/write to 650/600 MB/s read/write with FileVault enabled. The question is whether this decrease will have any impact on day-to-day performance and, most importantly, subjective performance. I am not a video editor but I can see how decreased I/O performance can have a major impact on real-world performance when importing, exporting, or scrubbing through a video.
As
@Gnattu has already stated Macs with T2 chip are not subjected to this performance hit because their SSDs are encrypted by default, and enabling FileVault will simply protect the encryption key with a separate password. That's why disabling/enabling FileFault on T2 Macs is instantaneous whereas it can take several days to fully decrypt/encrypt a hard drive or SSD on a non-T2 Mac.