Which SE’s do what to a yoyo? I know that they change the weight and weight distribution. Does lighter=faster? Or vice-versa? In case the yoyo matters, the one I’m talking about is the Code 2
Light=Faster
Heavy=Slower
That is how it normally goes 
The SE’s impact center-weight. But, adding weight does change the performance characteristics of the yoyo. Different side effects have different shapes.
Stock, for me, the Code2 is amazing. However, I have a second Code2 that I have placed the disc side effects in. It has added over 5 grams of weight. The yoyo does play slower and heavier, but I like that a lot. As per typical, heavier= slower and lighter= faster. The shape also plays a factor too, but when you have a fixed shape where you can alter the weight, you can really see how weight affects the performance.
What I would recommend, and I am going to do this, is invest in some extra side effects sets. I would recommend having at least one of everything in regards to side effects for experimenting with your One Drops until you find that magic combination that works best for you. When you find that one, buy a new set of that kind to replace it if you choose to do so.
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Well, with side effects it is to a greater degree because rim weight = speed and center weight = sluggishness, so the increases center weight, IMO degrades from the play of the yoyo, only being usefull if you want your yoyo to be slow.
Ugh, hit quote instead of modify on the YYE app, I should get some sleep 
I would say that with heavier side effects comes some more stability as well. Newton’s first law re: rotational motion 
Heavier SEs also make for better regens because of the increased center weight.
The above is also true.
For the Code 2, I’d reccomend stock or aluminum domes, not too heavy or too light, which is fine because of the Code 2’s decent rim weight.
Aluminum Side Effects don’t really add any extra weight over normal yoyos - both yoyos have aluminum in the center with a hub. Brass Side Effects and disk Side Effects will add more weight in the center, but proportionally speaking, it is not that much. Also reducing center weight (lighter Side Effect) increases relative rim weight.
Fist, I elaborated further in the second post where I accidentally quoted :P. Unless we are talking about ultra lights, SE yoyos have more center weight than normal yoyos that don’t have matador spikes. I won’t mention stability because the OP only asked about them in relation to speed. The increase in center weight provided by heavy SE’s WILL put a damper in speed to an extent that is easily noticable. The slower speed may be to some peoples preference, but generally speaking, fast is good, especially if it is caused by rim weighting which gives stability.