There have been a number of articles / studies done on performance benefits of shaving, but, it's been found that most of the effects are mental.
Being shaved top to bottom and jumping in the water just feels nice...smooth.
Being shaved top to bottom and riding a bike feels cleaner.
Being shaved top to bottom and lifting is a bunch more comfortable and makes for a mind-body connection where you can see your muscles work, the sweat beading on your chest and shoulder, striations showing up, and makes for much cleaner lines.
I can't imagine going on stage in a contest looking like a Neanderthal.
It's pretty universal these days. Kills body odor dead in its tracks, too, because those little critters don't have a place to live, and, of course, no worries about lice, nor crabs, etc. (scabies not included).
If you feel like shaving, why not?
For sports performance, different garments (compression garments, shark outfits, and so on), actually enhance performance more than shaving. E.g., the shark pants of Olympic swimmers, are patterned after a shark's skin, which is streamlined for swimming with speed. E.g., a weightlifter's bench shirt (which fits so tightly you'd never want hair underneath it) helps to power the weight through a bounce action. Compression garments flatten your muscle, and give you something to press against.
So, generally speaking, shaving doesn't enhance physical performance, but, it feels nice, and looks good, and help you make the mind-body connection, so..it kinda' does affect performance...in a mental way.
Certainly, grooming standards have changed over the years.
Do whatever you are comfortable with.