Compared to the stock Android launcher, you lose nothing, and gain a ton of functions. The swipe up/swipe down on each app icon is my favorite. My Google Photos Icon I have it set like this. Tap the icon and it opens the app, if I swipe up, it opens the camera, swipe down it opens Snapseed photo editor. I have my wife as a contact icon on my home screen, tap it once and it opens as her contact, swipe down it opens messaging to her, swipe up, instant phone call to her.
You can set each icon to open a different function by swiping up or down. In a nut shell, each app icon can now have three functions if you want. Just one of the better features. It's crazy how much you can customize it. To me it's just as fluid and as fast, as the stock Android launcher, on my Pixel 5. Like I sad in my above post, with my P5, I need all the real estate I can get, and Nova gives me that option. Two clicks and I can go right back to the stock launcher. The real question is, why would I.