Is there any noticeable performance difference between creating lists inside a loop versus outside and clearing each iteration?

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Within microflows you have the option to create a list both outside and inside a loop. If the content of the list is different each iteration of the loop, it makes sense to create the list inside loop. Same with variables. But would there be any noticeable, mentionable performance difference between creating a list/variable inside the loop, versus before the loop and clearing it at the start of each loop iteration?    Question applies to creating both lists and variables in the context of both small number of items ( < 500) and larger datasets (> 10.000).
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Hello Sander Schaeffer,

creating both lists and variables in the context of both small number of items

 (< 500) --Either is fine, performance difference will be negligible. 

larger datasets (> 10000) --recommendation is to create outside + clear, reusing and cleaning a list may offer better performance by reducing memory allocation.

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