Hello and welcome to the forum !
Yes, it would affect your IP. In a sense, it’s like connecting to your friend’s computer using something like Team Viewer or Any Desk.
It will certainly affect your internet connection and may even affect the performance, but you will be able to do most things unless they have strict security measures in place.
For instance, using gmail from a phone connected to a VPN is OK, but you may not be able to access your work mail if they restrict the countries you can connect from.
Another example is Netflix (I’ve tested this xD). They will not allow you to stream movies if the country of your account differs from the current location you’re connected from. A message should appear stating that’s not allowed and that I should disable the VPN if I was using one. It’s understandable though (movie licensing, rights, etcétera).
The best way to know for sure is to test. There are free (though very limited) VPNs, so you could try those first. If you want to test, try Proton VPN, I trust them.
I hope it helps ,