Earlier quoted context omitted.
It can , but that seems to be more related to poor implementations by the game devs, and not inherent to it. There are plenty of examples of games with Denuvo that still run fine (give or take your opinion on whether the presence of DRM is inherently "impacted performance").
The games run terribly on release because they have Denuvo, and then when the sales volume no longer justifies the licensing costs of Denuvo, the devs strip it out and sell it to the players in patch notes as "optimizing performance." Someone else mentioned GTA getting more aggressive copy protection out of nowhere. It's not out of nowhere. With GTA6 ads out for a while, sales of GTA5 are up as people either play it…
If you strictly want to blame Denuvo then that assumes game developers cannot think of a way to spend their extra performance either. Which is obviously not the case.