Actually, it won't make any difference on the back-end. The underlying "this is how we store, index, search and work with custom fields" has not really changed.
However, one way to make custom fields more performant has always been to limit their context - a field that is only for project X (or several projects) is more performant than a global field.
So, this local fields feature will indirectly have an effect by creating fields with a faster setup automatically!
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