Quick answer: Yes... um, sort of... but in extreme cases it will have the opposite effect, at least in terms of CPU usage percentage.
In typical cases of "not enough RAM" these days you will not see a much increased hard page fault rate, but you will see a higher overall page fault rate (the additional faults being soft faults). A soft fault involves no disk IO. But code does have to run in the memory manager to resolve the fault.
I'd estimate the time to resolve a soft fault at around a few hundred instruction times. So if every instruction your workload tried to execute raised a soft fault, your work would take about 300 times longer to get done! Assuming the work was all CPU-bound. (Fortunately, the percentage of instructions that raise soft faults is nowhere near that high.)
But this will not increase the measured CPU usage percentage! A thread is either running or it isn't, and from looking at the CPU usage counters, there is no... well, almost* no... visible difference between time spent running your app's code, vs time spent in the memory manager to resolve a soft fault on behalf of your app. The Mm runs in the faulting process's context, so its CPU time just becomes part of your process's time.
*The difference will show up in time spent in kernel vs user mode, since the Mm of course runs in kernel mode.
Of course, if your app has to spend a lot of time in the memory manager, it will be getting a lot less real work done! But the measured CPU usage % won't change.
What will change is the total amount of CPU time (seconds, not %) your thread or your process needs to do the same real work.
The more extreme case is that you're paging to and from disk a lot. i.e. you're incurring hard page faults.
This will actually reduce the measured CPU usage percentage, because time spent waiting for a paging I/O (or any other I/O) to complete is not time spent running code in the CPU. During an I/O the requesting thread is Waiting, or as *nix calls it, "blocked". The time it takes your storage device (disk or even an SSD) to perform an I/O completely swamps the CPU time spent in the memory manager to set up the I/O; so the latter becomes negligible. This applies to a lesser degree even to an M.2 SSD.
So in situations of high hard fault rates you will see your CPU usage, as a percentage, reduced. (i.e. the drive is bottlenecking the CPU.) Just like if your app spent a lot of time reading data files.
But of course, you will see your app taking far longer to complete the work you want it to do. Like the soft fault case, only much worse.
n.b.: The pagefile is not the only file that's used for paging! Every mapped file in the system - which includes every exe and dll that every process is using, plus ntoskrnel itself - is, in essence, a pagefile. So getting rid of the pagefile will not eliminate hard faults nor paging from disk.