No, not at all.
For most modules of SAP, such as FICO, MM and SD, users will not notice any difference when accessing archived data.
The only limitation is users will not be able to edit archived data, as it is stored in a read-only format which makes it compliant throughout its retention period.
For some SAP modules, like Project System, archived data may be viewed in a different format.
Find out more about SAP Data Archiving here