Security implications of changing “perf_event_paranoid”

I'd like to use the perf utility to gather measurements for my program. It runs on a shared cluster machine with Debian 9 where by default the /proc/sys/kernel/perf_event_paranoid is set to 3, therefore disallowing me to gather measurements. Before changing it, I'd like to know what the implications of this are. Is it just security that would allow other users to profile stuff run by other uses and therefore gain insights? We do not care about this as it is a inner circle of users anyway. Or is it performance perhaps, which will impact everyone else as well?