Yes, the hybrid encryption offered by standardized cryptographic schemes like PGP, TLS, and CMS does impose a fixed performance cost on each message or session. How big that impact is depends on the algorithms selected and which operation you are talking about.
For RSA, decryption and signing operations are relatively slow, because it requires modular exponentiation with a large private exponent. RSA encryption and signature verification, on the other hand, is very fast, because it uses the small public exponent. This difference scales quadratically with the key length.
Under ECC, because peers are doing the same math with keys of similar size, operations are more balanced than RSA. In an integrated encryption scheme, an ephemeral EC key can be generated, and used in a key agreement algorithm; that requires a little extra work for the message sender. ECDH key agreement is much, much slower than RSA encryption, but much faster than RSA decryption.
In terms of relative numbers, decrypting with AES might be 100,000x faster than decrypting with RSA. In terms of absolute numbers, depending heavily on hardware, AES might take a few nanoseconds per block, while RSA takes a millisecond or two. And that prompts the question, why would anyone use asymmetric algorithms, ever?
The answer is that these algorithms are used together, for different purposes, in hybrid encryption schemes. Fast, symmetric algorithms like AES are used to protect the message itself, and slow, asymmetric algorithms like RSA are used in turn to protect the keys needed by the symmetric algorithms. This is what allows parties that have never previously shared any secret information, like you and your search engine, to communicate securely with each other.