Timing chain slop in no bueno for any engine. If engine performance in your vehicle has been trailing off or compression seems lower than it should the timing chain could be stretched. When the chain is stretched the valve timing is retarded, meaning valve events happen later than they should in the intake, compression, power and exhaust strokes. Just a few degrees of change in valve timing will make a noticeable difference in performance. I wish i knew my chain was so sloppy before I tore the engine down, i would have shot some video on how to check timing slop.
Do not confuse valve timing with Ignition timing. Valve timing is the relationship between valve events and crank rotation. Ignition timing is the relationship between spark and crank rotation. The cam drives the distributor so ignition timing will also be later than expected.
#thunderhead289 shot a video detailing how a sloppy time chain will effect valve timing