C++ does printing to terminal significantly slow down code?

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I have a code where I currently print a lot of diagnostic messages to terminal. Does anybody have any idea how much this slows down my code? Would I get a big speed increase by piping the output to file, e.g. instead of running:

./my_program

i run

./my_program > output.log

Also, would I get a further speed increase by replacing cout with ofstream and writing to file directly?

EDIT: Let's assume I am writing to /dev/shm, disk access speed not really an issue.

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