That is, your browser loads the entry point file, then parses it for imports and loads the files referenced from there, then parses those for imports and so on. This process is not free. In particular, even when modules are cached, the browser still will make some request with If-Modified-Since header for each file, and even to localhost that has time overhead cost. This impact is greater if you are developing against some cloud dev server because each check costs a network round-trip.
However this may only come up when you have apps with many files, which Google apps tended to do for protobuf reasons.