It might have some effect. How much I couldn't say. As CPU/GPU frequency tends to effect power draw on a curve. Not linearly. So it may just be a few tenths of a Ghz or disabling turbo boost. The only way you'd know is to benchmark the differences between a 90W and 65W AC adapter.
It has to do this as the CPU, GPU and other parts may draw too much current for the 65W AC adapter at full load. Which would risk damaging the AC adapter or causing a fire. If the AC adapter doesn't have some mechanism to cut or limit power when the draw is too high.
The chargers don't deliver the same current. Current is amps. Both are 19.5V one is rated for ~3.3A the other ~4.6A. If you wanted. You could use a 130W AC adapter to no ill effect or even higher. The problems arise when it is too low a wattage (watts = volts x amps). There is no upper threshold for amps. You can have an adapter which is capable of delivering way more amps than a device needs. As long as the plug, voltage and plug polarity are the same. Those three must be the same.
The AC adapter is just an external PSU. It's no different than trying to use too weak a PSU in a desktop. The only difference is that Dell made their laptop recognize when it is on too weak an AC adapter. Adjusting the speed settings accordingly. While a desktop will keep chugging along until the PSU suddenly cuts power or blows out. In the case of cheap units.
If you could override these settings. There are a few possible outcomes. I couldn't say which is true.
- The AC adapter overloads and burns out. Possibly starting a fire.
- The AC adapter overloads and cuts power to protect itself when it overheats. Which a UL listed device is supposed to do.
- The AC adapter limits its draw when overloaded and your battery has to make up the difference. Until the battery is drained. Then the computer crashes.
- Your uses of the machine don't cause an overload or Dell overestimated the draw and the machine operates within 65W under full load.
Edit: By the way. Don't be tempted by cheap replacement units. Only use an OEM unit or at least a well reputed third party brand which undergoes all appropriate safety testing and certification. A lot of the cheap no name brands use substandard parts. Which may not undergo any UL testing. Sometimes they just slap on fake UL markings.