Short answer is yes it can slow down ArcMap startup.
if the command is not on the interface when ArcMap starts up then it won't be initialized right away. For example if the command is on a toolbar that is not visible or a context menu etc. Then the initialization only starts then. Just because you can set up objects in the initialization doesn't mean you have to or you should. I find that sort of thing useful if I want to make a the tool enabled dependent on a license being turned or an extension loaded or an edit session started. Then the init method would be good. Otherwise, I instantiate objects when they are needed.