Varying unit (V) reported by Offline Compiler

I'd like to know what it means when a fragment shader is bound by Varying unity (V), in our case.

According to:

The varying pipeline is a dedicated pipeline which implements the varying interpolator.

Does it mean that the it takes a lot of cycles just interpolating the varyings than ALU operations, and reducing the amount of varyings could potentially reduce the fragment shader cycles ?

For example:

Mali Offline Compiler v7.4.0 (Build 330167)
Copyright 2007-2021 Arm Limited, all rights reserved


Hardware: Mali-G71 r0p1
Architecture: Bifrost
Driver: r32p0-00rel0
Shader type: OpenGL ES Fragment

Main shader

Work registers: 24
Uniform registers: 12
Stack spilling: false
16-bit arithmetic: 60%

A LS V T Bound
Total instruction cycles: 1.42 0.00 3.50 2.00 V
Shortest path cycles: 1.42 0.00 3.50 2.00 V
Longest path cycles: 1.42 0.00 3.50 2.00 V

A = Arithmetic, LS = Load/Store, V = Varying, T = Texture