Ok, so this kind of execution, for this pretty simple example... takes x2 time than it should.

$puts(a,)$and($ifequal(1,0,$not(0)$puts(a,hi1),),$ifequal(0,0,$not(0)$puts(a,hi2),))$get(a)
vs
$puts(a,)$ifequal(1,0,$not(0)$puts(a,hi1)$ifequal(0,0,$not(0)$puts(a,hi2),),)$get(a)
And the second obviously behaves as expected, only setting a if at least the first expression is true.
I would say the difference is pretty big. And checking for a real life example, as soon as the expression includes real tags or more complexity is like 4x or more in the worst case. And again, this is just a pretty basic example in a not so big library. If this is applied to multiple tags, differences may be from a few ms to seconds. *
'use strict';
const handleList = fb.GetLibraryItems();
const tfArr = [
fb.TitleFormat('$puts(a,)$and($ifequal(1,0,$not(0)$puts(a,%ARTIST%%GENRE%),),$ifequal(0,0,$not(0)$puts(a,%ARTIST%%STYLE%),))$get(a)'),
fb.TitleFormat('$puts(a,)$ifequal(1,0,$not(0)$puts(a,%ARTIST%%GENRE%)$ifequal(0,0,$not(0)$puts(a,%ARTIST%%STYLE%),),)$get(a)')
];
const profiler = fb.CreateProfiler();
tfArr.forEach((tf) => {
profiler.Reset();
tf.EvalWithMetadbs(handleList);
console.log(profiler.Time + ' ms for ' + handleList.Count + ' items');
});

* Obviously in this case the problem is the second part of 'and' is always evaluated, while on the second expression if-based nothing is evaluated, but if we change the 'ifequal' conditions to evaluate actual tags instead of numbers, the problem remains, where they are evaluated when not needed and comparison is not 'unfair'. These examples below still give x2 worse performance when using $and() for only 2 nested conditions, so I imagine it being much worse for complex scripts with multiple nested conditions based on boolean functions like or, and, etc.
$puts(a,)$and($iflonger(%ARTIST%,60,$not(0)$puts(a,%ARTIST%|%GENRE%),),$iflonger(%COMPOSER%,60,$not(0)$puts(a,%ARTIST%|%STYLE%),))$get(a)
$puts(a,)$iflonger(%ARTIST%,60,$not(0)$puts(a,%ARTIST%|%GENRE%)$iflonger(%COMPOSER%,60,$not(0)$puts(a,%ARTIST%|%STYLE%),),)$get(a)