@statsguy In practice, no. Theoretically, starting up a separate process (e.g. to run rsync) places a slight extra burden on the system, but it's not going to make any noticeable difference unless you're doing this many thousands of times per second or something like that. There may also be differences in how fast the two pieces of software work, but again, it typically wouldn't matter, and if it does the only way to know is to test it.
That is, assuming that both pieces of software properly do what they're supposed to do. As @HaraldKi mentioned, you can be a lot more confident that rsync does what it's supposed to do than you can that pyrsync does what it's supposed to do. So if you need reliability, that's a point in favor of rsync.