Is ORM slow?
Not inherently. Some heavyweight ORMs can add a general drag to things but we're not talking orders of magnitude slowdown.
What does make ORM slow is naïve usage. If you're using an ORM because it looks easy and you don't know how the underlying relational data model works, you can easily write code that seems reasonable to an OO programmer, but will murder performance.
ORM is a handy tool, but you need the lower-level understanding (that usually comes from writing SQL queries) to go with it.
Does it matter?
If you end up performing a looped query for each of thousands of entities at once, instead of a single fast join, then certainly it can.
