I did this with all my themes a few months ago, using Ari’s package to automatically download and load the Google fonts locally.
I did the same thing with the Font Awesome library.

One thing that really surprised me is the incredible PageSpeed Insights gains that I immediately got from this change alone.

My mobile performance rating jumped from ~50 to 95+, with the LCP dropping from ~7 seconds to under 3 seconds.
Once I saw the results of this ~15 minute change, I did that across most of my websites.

So my advice is to test your PageSpeed before and after this change, just for the fun of it. You might be pleasantly surprised!