Not at all! Playdate is GBA, SNES, even PS1 level performance - if managed correctly.
Look at this "Sonic" game, for example. Full screen scrolling at ~50fps (max for full screen updates)
https://devforum.play.date/t/can-someone-test-my-platform-game-on-a-real-device/6773
In Daily Driver I do partial screen updates at 60fps but they can go as high as 200fps depending on how many screen rows you update.
My advice to you: don't worry too much before you begin making stuff, then ask more questions along the way!