I've thought about switching off the recording, but given it's importance in terms of incidents & so on, I'd have to be convinced that it would have a meaningful impact on the cpu.
The performance difference is likely to be substantial. In reality, CPU usage is not numeric, it's also affected by (for example) its internal cache hit rates on L* caches, and the TLB (which is used to translate virtual memory into physical memory). If one application is running most of the time, the hit rate is likely to be very high. As soon as some other application takes the CPU -- even for a brief period -- it's going to require juggling data in and out of the cache constantly, even if it on the surface only takes a slither of CPU usage.
Edit: I just realised it's unclear if you mean video recording or replay recording. Replay recording has another problem: it's all buffered in memory until the session ends. My advice here is really about OBS, or Steam's circular buffer recording. For those, if you can use NVENC or similar, I'd definitely recommend that.
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