Since nobody seems to be answering this: Yes, it will slow down the other processes.
From a CPU/computing standpoint:
The CPU's might not have more work per second than they can do per second (aka load), but they do get less efficient when they have to do different tasks with different data sets. Keywords to research in this topic are context switches and cache hits.
To use something equivalent: Think of the CPU as a secretary which you give work. (s)he will work more efficient if she has single job and works on that for an hour compared to trying to do 60 jobs each lasting a minutes. Part of this is switching from one job (context) to another job, which takes time.
Another part is the cache on the CPU. It keeps a local copy of the data it works with. This is done because memory access is relative slow. As soon as you switch tasks you start working on a new set of data. This means fetching new info. And since you have limited space in the cache that means throwing old data out. And once you switch back this happens again. And again...
Then on modern CPUs there is a thermal budget. A CPU can run at regular max. speed all the time. It will get hot doing so, but heat produced and heat dissipated should stay in balance. If the CPU has less work it can cool down. This effectively give it a small heat buffer. This buffer is used with what Intel and AMD now call turbo. When The CPU is relative cold and it has a lot of work the CPU increases its clockspeed and works faster. It can not sustain that for long, but a short but intense task on a cold CPU (with spare thermal budget) will briefly run faster than on a CPU which already spent its thermal budget.
Memory:
From a memery standpoint: You application will use at least some memory. That is less memory available to other tasks (such as IO buffers). This will slow the system down.
IO:
If your application maxes out the I/O (e..g disk access) then it does not even matter if it slows down the CPU. If every other program has to wait in a queue for disk access then you can slow the system down even without exceeding 100% CPU load.
Summary: Yes, it is very likely that a continuous busy application will slow down the system. Just how much can vary from barely perceptiable up to a significant slowdown.