Yes.  Google has included page speed as a ranking factor for years, but the Page Experience update goes beyond just page speed.
Google started rolling out its Page Experience algorithm update in June 2021.  This update was designed to reward sites that offered users a superior experience with a rankings boost.
This means that your pages need to score well on the three essential elements of Core Web Vitals; Largest Contentful Paint, First Input Delay and Cumulative Layout Shift.