The big question here is what this means for you. Anecdotally, I can say that using OnePlus phones as daily drivers is an overall pleasant experience, even with performance mode turned off. No hiccups or stutters occur between tasks, and the phones are battery champions. But, it seems they could be faster, and to that end, if you want to turn on performance mode, you need to go to Settings> Battery > More Settings> and toggle on High performance mode. When you do so, you’ll be prompted to confirm, so select OK. Then, enjoy your extra speed.
Personally, I won’t bother. My OnePlus Open — the phone I revisit every time I finish a review — is plenty perky without any kind of boost. On the other hand, there’s no reason why you shouldn’t push your phone to its absolute limits, so toggle away if you wish!