Your guesses (and our guesses) will not be accurate and will not necessarily correspond to your game. The only way to find out the actual performance hit is at least one type of profiling. Why measure when you can guess?
Besides getting the actual measurement of your performance, consider: does it matter? If your game runs at 60 frames per second (I even enjoy 30 frames per second in fast-paced games, and I can handle such a slow speed of 20 frames per second if it is slower, like a turn-based game) and you are able to hit 300 frames per second in variable time-step mode, and delegates will cost you a total of 20 frames (by the way, they probably won't) ... your game can still support 60 frames per second in a fixed time mode.
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