From the docs
Bitcode will allow apple to optimise the app without you having to submit another build. But, you can only enable this feature if all frameworks and apps in the app bundle have this feature enabled. Having it helps, but not having it should not have any negative impact.
For iOS apps, bitcode is the default, but optional. If you provide bitcode, all apps and frameworks in the app bundle need to include bitcode. For watchOS apps, bitcode is required.
The App Store and operating system optimize the installation of iOS and watchOS apps by tailoring app delivery to the capabilities of the user’s particular device, with minimal footprint. This optimization, called app thinning, lets you create apps that use the most device features, occupy minimum disk space, and accommodate future updates that can be applied by Apple. Faster downloads and more space for other apps and content provides a better user experience.
There should not be any performance impacts.