It might "slow" the action some, but I'm mostly with PennKev, it's not about slowing or speeding up the rod. It's about properly loading the rod, getting the action the rod is supposed to have.
I didn't do the math, but pretend I did to show the point. To the rod, is there a difference between, say, 20 ft of 6wt line, 30 ft of 5 wt line, or 40 ft of 4 wt line? No, not really. In all cases it's moving about the same weight of actual fly line, the load is the same, the rod speed is the same.
Now, use 5 wt line for all of those distances, and NOW you're rod speed changes with distance. Throw 60 ft of line with a 5 wt on a rod weighted for a 5 wt, and suddenly you got yourself a SLOW rod. It's overloaded.
So bottom line. The goal is to PROPERLY load the rod. Ask yourself, are you typically fishing this rod at closer or longer distances than the rod manufacturer intended? If closer, you should lean towards overlining a bit. If farther, you should lean toward underlining a bit. If the same, take the rod manufacturer's recommendation.
At least as a starting point. Try it, and then adjust as you like. FWIW, my small stream rods are overloaded, sometimes I even throw a 7 wt line on a 7 1/2' rod weighted at 4/5 wt. My big stream rods I pretty much go with the recommendation of the rod.