In build with optimization turned off (typically Debug builds) you will get the following two IL instruction sequences:
IL_0000: nop IL_0000: nop
IL_0001: ldnull IL_0001: ldnull
IL_0002: ldftn x IL_0002: ldftn x
IL_0008: newobj Action<int>..ctor IL_0008: newobj Action<int>..ctor
IL_000D: stloc.0 // foo IL_000D: stloc.0 // foo
IL_000E: ldloc.0 // foo IL_000E: ldloc.0 // foo
IL_000F: ldnull IL_000F: brtrue.s IL_0013
IL_0010: cgt.un IL_0011: br.s IL_001C
IL_0012: stloc.1
IL_0013: ldloc.1
IL_0014: brfalse.s IL_001F
IL_0016: ldloc.0 // foo IL_0013: ldloc.0 // foo
IL_0017: ldc.i4.s 0A IL_0014: ldc.i4.s 0A
IL_0019: callvirt Action<int>.Invoke IL_0016: callvirt Action<int>.Invoke
IL_001E: nop IL_001B: nop
IL_001F: ret IL_001C: ret
Slight differences here regarding the branch instructions, but let's build with optimizations turned on (typically Release builds):
IL_0000: ldnull IL_0000: ldnull
IL_0001: ldftn x IL_0001: ldftn x
IL_0007: newobj Action<int>..ctor IL_0007: newobj Action<int>..ctor
IL_000C: stloc.0 // foo IL_000C: dup
IL_000D: ldloc.0 // foo IL_000D: brtrue.s IL_0011
IL_000E: brfalse.s IL_0018 IL_000F: pop
IL_0010: ldloc.0 // foo IL_0010: ret
IL_0011: ldc.i4.s 0A IL_0011: ldc.i4.s 0A
IL_0013: callvirt Action<int>.Invoke IL_0013: callvirt Action<int>.Invoke
IL_0018: ret IL_0018: ret
Again, slight difference in the branch instructions. Specifically, the example using a null-coalescing operator will push a duplicate of the action delegate reference on the stack, whereas the one with the if-statement will use a temporary local variable. The JITter might put both into a register, however, this isn't conclusive that it will behave differently.
Let's try something different:
public static void Action1(Action<int> foo)
{
if (foo != null)
foo(10);
}
public static void Action2(Action<int> foo)
{
foo?.Invoke(10);
}
This gets compiled (again, with optimizations turned on) to:
IL_0000: ldarg.0 IL_0000: ldarg.0
IL_0001: brfalse.s IL_000B IL_0001: brfalse.s IL_000B
IL_0003: ldarg.0 IL_0003: ldarg.0
IL_0004: ldc.i4.s 0A IL_0004: ldc.i4.s 0A
IL_0006: callvirt Action<int>.Invoke IL_0006: callvirt Action<int>.Invoke
IL_000B: ret IL_000B: ret
The exact same code. So the differences in the above examples were different because of other things than the null-coalescing operator.
Now, to answer your specific question, will the branch sequence differences from your example impact performance? The only way to know this is to actually benchmark. However, I would be very surprised if it turned out to be something you need to take into account. Instead I would choose the style of code depending on what you find easiest to write, read, and understand.