The time spent being especially careful that you don't fall, adds a bit more time than racing up with ropes.
Fun fact, Alex Honnold holds the speed record on El Cap.
If it's within my abilities/condition, I get into a much more zen/like zone doing trad leads vs coming up second. Or even leads in a gym. I really don't like falling, so that focuses me up and the world just fades away. It's all managing foot position, burn, effort level, pace, etc.
On the other hand, if it's outside my ability/condition and I'm shaky with failing energy... It's the worst experience in the world(overcoming it feels nice though lol).
It seems to me with no consequences of falling, that ultimate level of focus and control is impossible (hard?) to achieve, although one can get close with varying levels of more risky but less deadly climbs (lead climbing with a super long run-out and so on).
In your hypothetical scenario the answer is yes, if there is no danger, the achievement of climbing without ropes is lessened.
The experience of free soloing is to small degree about cheating death, at least as much as watching a movie is about seeing moving colors and hearing sounds. What one really gets from free soloing (or risky rock climbing, which I have some experience with) is a unique clarity of mind, a change in ego, a confidence game, where you need to quash your own doubts about yourself to succeed. The consequences of falling are a necessary but insufficient condition for the resultant feeling of achievement. In my opinion, AH, and his ability to control his mind, is the closest living example we have to a Jedi.