28,000 is an awful lot of users.
The answer (for the current release) is probably yes, I would expect it to have some sort of effect on that sort of scale - this is because even when name display is disabled, it still reads the data for all 28,000 members from the user table.
This is actually a problem I've known about since the 3.5 version (i.e. a long time) but is very low on my fix list, simply because it's a rare problem.
Since it's now been bought up, I'll take another look at changing that [over the weekend] and see if that improves it. It would be helpful to me if you could try the changed version, even if you ultimately decide not to use it, just so I get an idea on whether the improvement actually works.
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