Performance Impact of PURGE BINARY LOGS on MySQL 5.7.32

I am currently facing disk space issues with a MySQL 5.7.32 server that has >500 binary logs of 1.1GB each. I have spent several days reading up on this, and found that PURGE BINARY LOGS is the right command to use but have not been able to find any information on the potential performance impact or if the MySQL server locks up during the process. I have checked the server variables and found that: binlog_gtid_simple_recovery and gtid_mode is both set to ON, and as far as i can tell this would affect the performance in a positive way. Can anyone shed some light on the performance impact or the locks i can expect when purging logs in small batches?