All VPN software might affect bandwidth due to the increased progressing needed for encryption, but quantifying it is hard because several factors come into play : mainly the hardware and bandwidth on either side of the tunnel. Giving it a go is easy and you can check which VPS specs give you the speed you require. Regarding the number of connections, I’m not sure of the answer. For all intents and purposes I don’t run into a lot of problems on a daily basis and bandwidth is acceptable on a cheap 4€/mo VPS with 2 CPUs. Bonus tip for privacy, you can use port 443 for wireguard which makes it less obvious you’re using a VPN.
Got in touch with ProtonVPN support and asked about this. Here’s their reply: