Likewise, while it performs "fine," interacting with the UI still feels sluggish on Tahoe on my M4 Pro compared to Sequoia. I still have another M4 Pro with sequoia on it and it's a night and day difference, in favor of Sequoia.
There may not be any real performance loss but there is definitely UI latency and it's very noticable.
That said, who knows how efficient the implementation is compared to other changes in iOS 26. I turned liquid glass off with "reduced transparency" because even 1% extra battery usage for it would be too much even though I kinda appreciated the new look.
I remember it being kinda like placebo - you did, you marvelled at how much faster it's working, but in reality nothing changed. I really liked the look, and it did run smooth unless you had something below the minimum spec(which a lot of people did at the time).
My friend had an Alienware laptop which absolutely screamed with Vista