This depends, like all things.

When you say RAID, what level? Software-raid or hardware raid? What controller?

Let's take best-case:

RAID10, small enough (but many) NVMe drives and an LVM/Software RAID like ZFS, which is data aware so only rebuilds actual data: rebuilds will degrade performance enough potentially that your application can become unavailable if your IOPS are 70%+ of maximum.

That's an ideal scenario, if you use hardware raid which is not data-aware then your rebuild times depend entirely on the size of the drive being rebuilt and it can punish IOPs even more during the rebuild. But it will affect your CPU less.

There's no panacea. Most people opt for higher latency distributed storage where the RAID is spread across an enormous amount of drives, which makes rebuilds much less painful.