The performance increase would only be notices by queries that run in a few microseconds anyway, since it's a very small hit that is taken. What 's happening is that every time you run sql, Access has to look into it's data-dictionary, make sure the tables you reference exist, along with the field names, then check syntax, then decide on an execution plan.
When you hit the save button after creating a query, the time all of that takes is right there--do you notice a big delay after hitting 'save' when doing a query? Probably not. So a query that takes 25 seconds to run will now take (in the raw sql text mode) 25.01 seconds. Where this is important is in lookups, but here again if you're not using a parameter query, the sql must be parsed again (I'm not fully familiar with Access sql parsing logic, I'm going by what Oracle does, but it should be similar in a general sense).
The case of the parameter query is that the sql is already parsed and saved, so only the parm changes, not requiring a re-parse. However, if you're building a Where clause, or using .Filter method on a form, the sql text is effectively changed, and in Oracle for example, this would be considered an entirely new sql, so it must be reparsed, where as with a parameter, the basic sql structure hasn't changed, only the value of the parameter, which the parser doesn't care about.
And yes, if the tables change then the stored sql is 'dirty', and it must be reparsed.
--Jim