I agree that the formatting is mostly used for readability, but since the release of f-strings in 3.6, the tables have turned in terms of performance. It is also my opinion that the f-strings are more readable/maintainable since 1) they can be read left-right like most regular text and 2) the spacing-related disadvantages of concatenation are avoided since the variables are in-string.
Running this code:
from timeit import timeit
runs = 1000000
def print_results(time, start_string):
print(f'{start_string}\n'
f'Total: {time:.4f}s\n'
f'Avg: {(time/runs)*1000000000:.4f}ns\n')
t1 = timeit('"%s, %s" % (greeting, loc)',
setup='greeting="hello";loc="world"',
number=runs)
t2 = timeit('f"{greeting}, {loc}"',
setup='greeting="hello";loc="world"',
number=runs)
t3 = timeit('greeting + ", " + loc',
setup='greeting="hello";loc="world"',
number=runs)
t4 = timeit('"{}, {}".format(greeting, loc)',
setup='greeting="hello";loc="world"',
number=runs)
print_results(t1, '% replacement')
print_results(t2, 'f strings')
print_results(t3, 'concatenation')
print_results(t4, '.format method')
yields this result on my machine:
% replacement
Total: 0.3044s
Avg: 304.3638ns
f strings
Total: 0.0991s
Avg: 99.0777ns
concatenation
Total: 0.1252s
Avg: 125.2442ns
.format method
Total: 0.3483s
Avg: 348.2690ns
A similar answer to a different question is given on this answer.