Ask HN: Do you encrypt your laptop's SSD/hard drive?

I'm about to wipe and reinstall the SSD on my mac after replacing its logic board, and I'm wondering if encrypting the drive is worth it. I spent maybe a year with an encrypted APFS drive before the logic board died, and don't think I really noticed much of a difference in performance during daily use (although I admittedly didn't run any benchmarks, nor did I have an equivalent system to compare against).

Is there an advantage/disadvantage to encrypting the drive versus, say, using a strong login password? Should I expect a significant performance hit if I do end up encrypting the drive?

Right now I'm just using the laptop for office work, but I plan on heading back to school in the near term and probably should worry about theft.