Page speed really Matters to Increase User Engagement on Your Blog in [year], Because Google's new"CORE WEB VITAL" Algorithm is fully Built for Checking the page load Speed.
Mainly, When a user searches for a query in google and they saw the top 5 pages on the 1st Google page, the User can click only 1 to 5 rank websites in google. If the top ranking website has a problem of loading slow page speed will do not Help users to engage on your blog.
Normally, when Users are waiting for page content and that website page loads after 20 seconds or 30 seconds, That's why User and google did not give priority to your Website Page content.
IF your Page Loaded slowly and the user didn't engage with your Blog, then it means your Website page Bounce Rate will be much higher. This will make an impact on your google SERPs and day by day you will be de-Ranked.
Google Speed update [0, 1000ms] which is Considered as Good While LCP [0, 2500ms] and CLS [0, 0.1] will be good in results. Get check your page Speed Now with Free Tool.
So try to improve website loading speed by about 1-2 Seconds Maximum if you want to get more Engagement on your website.
Nowadays, If you want to rank your blog post in Google Rankings, Then you need to know about audience engagement strategies. It will increase more engagement on your Blog to have a good traffic source.