"He discovered that the amount of Denuvo code executed in-game is quite infrequent, with calls occurring once every few seconds, or during level loads. This suggests that Denuvo is not killing performance, contrary to popular belief. "
No, it might suggest that this version of Denuvo and the way that this developer implemented it might not be affecting performance.
However, "every few seconds" is actually quite a lot, and if it causes a stutter each time, it's brutal on perceived framerate. So no, it doesn't actually suggest that Denuvo isn't killing performance. It's actually making it pretty obvious that it can easily affect performance.