It depends. Changing MeshStyle requires it to start another batch, so increases the draw calls. If they all use the same MeshStyle though it might not be an issue, or it might need only two draw calls, one for objects with the custom MeshStyle one for those without.
Perhaps the biggest benefit is everything is drawn only once. A FragmentFilter renders into a texture before applying a filter to that, requiring memory and draw time. Drawing objects on top of others requires Texture memory and draws objects twice. Generally the fewer things you are drawing the fewer draw calls you need.