I didn't get to try it under PipeWire on my Arch laptop before that died the other day, but a friend had said PulseEffects is no longer such a massive CPU hog under PipeWire, so much so that they run it all the time now.
Interesting. I have PulseEffects running all of the time on PulseAudio and don't notice much CPU usage. However maybe that is because I only apply effects to the mic and it seems to disable itself when nothing is recording.