Not on the VM itself but their could be an impact on other VMs because when you set HT Sharing to none what you will be doing is causing the Virtual CPUs of the virtual machine should not share cores with each other or with virtual CPUs from other virtual machines. That is, each
virtual CPU from this virtual machine should always get a whole core to itself, with the other logical CPU on that core being placed into the halted state thus reducing the number available LCPU that a VMs VCPU can use and this can cause other VMs to rait for CPU cycles -
you can find more information here on the different settings - vSphere Documentation Center