Impact of Poor Page Speed Insights Score on Search?

The number of visitors to my website has dropped by about 1/4th in the last 4 or 5 months. I've inspected URLs using the Google Search Console and the top visited pages all have green check marks. When I browse the website on my phone or desktop, there aren't any noticeable issues. When I check Page Speed Insights, though, my website gets a score of 49. Could this be what's causing my website traffic to tank?