Thanks for mentioning this. I've noticed the setting before but never played around with it until now. I didn't have any performance complaints (Pixel 2 XL), but disabling animations makes (nearly†) everything feel noticeably snappier.

† The google feed seems to have a consistent lag upon switching to it from the home screen (double tap on the multitasking button is normal) that the animations hide. It loads somewhere around 150ms slower than most applications, even taking longer than the first launch for unused apps.