I made an experiment: the code
\documentclass{article}
\begin{document}
\ExplSyntaxOn
\prg_replicate:nn {100000} { $\alpha$$\alpha$$\alpha$$\alpha$$\alpha$$\alpha$$\alpha$$\alpha$$\alpha$$\alpha$\par }
\ExplSyntaxOff
\end{document}
run with time pdflatex -draftmode (that simply doesn't produce the PDF file) shows
real 0m1.491s
user 0m1.377s
sys 0m0.073s
If I change to
\documentclass{article}
\DeclareUnicodeCharacter{03B1}{\alpha}
\begin{document}
\ExplSyntaxOn
\prg_replicate:nn {100000} { $α$$α$$α$$α$$α$$α$$α$$α$$α$$α$\par }
\ExplSyntaxOff
\end{document}
the terminal shows
real 0m3.213s
user 0m3.070s
sys 0m0.090s
The run takes about twice as long. In a previous experiment, with just 100000 occurrences of alpha, the run took 20% longer.
I don't think there's anything to be worried about for a normal document.
If I repeat the same experiment with unicode-math and LuaLaTeX, the execution times are comparable (but much longer, of course).
\DeclareUnicodeCharacter{03B1}{\alpha}makes the characterαbe a command that expands to\alpha. However the overhead of expandingαto\alphais insignificant in a real document, so if it makes typing easier, there's no real reason for you to don't use that. – Phelype Oleinik May 29 '20 at 18:16\DeclareUnicodeCharacter{03B1}{\alpha}in the .sty file, and thus isn't increasing in the repeated use ofαin the document? – Patrick Ferguson May 29 '20 at 18:46\DeclareUnicodeCharacter{03B1}{\alpha}is like\newcommand{α}{\alpha}, then each use ofαeventually becomes\alpha. But really, that should make no visible difference in the time it takes to build the document. Just to give you an idea, a document with 7000αtakes0.118 sto run on my machine, whereas the same document with 7000\alphatakes0.112 s. – Phelype Oleinik May 29 '20 at 18:56