But the way performance is framed by anti-Denuvo folks is that it is linearly correlated with enjoyment. This is not so. What I care about (and I will definitely give that this is subjective and depends on the individual) is that a game runs at 4k/60 on my computer at low/mid settings. If it runs faster than that, my enjoyment of the game isn't increased. If it runs worse than that, my enjoyment is decreased.

So if the game passes that bar with DRM, it doesn't matter to me if it would be faster without DRM. If DRM is the thing that causes the game to go below that bar, then I have a problem with DRM. But that is almost never the case.