Your computer will not necessarily work slower.. The BIOS power saving options are enabled by default so you will not be doing something that's out of the ordinary.
One thing are the Sleep and Hiberrnation settings and quite different and unrelated are the working system settings... these control the timing before monitor, HDD, and system enter sleep after being left idle.
Also in the Windows Power Options you can configure what the power button does as well as what the Start Menu shutdown button does, according to the S1 - S3 BIOS settings. This is what I should have mentioned in the first place but if I'm not mistaken, it's enabled by default to go to sleep when you quickly press the power button, and to shutdown if you hold it pressed... It shuts down due to the BIOS power Options being disabled.
What you say by:
"im certain that my PC will function slower because of reduced voltage"
is related to the processor clock speed and you can control that in the Windows Control Panel > Power Options > Power Plan. You can configure the processor clock speed with the Power Plan's CPU minimum and maximum.
The S3 BIOS setting will ;probably be enabled if you set the power options to enabled... you will know if the computer goes off (apparently) when it goes into Sleep Mode