It should not slow down the rendering of the page, as the panel is loaded after the initial page is rendered.
Agree it doesn't make sense to be there though if there are no automations, so I have created an issue in our backlog to hide it in this case.
You can track the issue here:
Yes, I mean it does load after the page is being loaded, but it is still a bit not user friendly, because there are other sections below this section, and they are loaded first, and then when automations is loaded, then it moves lower, visually it is cumbersome. here is the video how it is loaded http://take.ms/LT60c
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