Yes, according to official Google statements, page speed is a ranking factor, and it had its own update.

The “Speed update” as Google calls it, is a ranking factor, affecting only pages that deliver the slowest experience to users:

“we’re announcing that starting in July 2018, page speed will be a ranking factor for mobile searches” – source (Google)

There’s not much more to say about page speed and rankings. Just make your website fast, not just for Googlebot, but for users as well. Include performance testing for all your projects.