I have to slightly disagree, because there are few important factors when it comes to hosting, not only speed: Uptime/Downtime Speed Security (of course it does not matter a lot as it is if you have it or not, but some people still don't set up SSL) Server Location Shared Hosting
Very often, bad hosting can cause multiple database connection failures, making your site inaccessible to visitors and search engines. This will certainly affect your SEO and lower your site's ranking.
In my opinion storage can make an impact, though 1. The area must be in the same place you are promoting otherwise you are less relevant 2. Technical in terms of site speed
I tried for a month to move my storage to a place that was cheaper, it occurred to me that the locations fell due to slow speed