"It depends": if you're asking about whether it runs faster using the Python Foundation's interpreter, then no, they get completely ignored at runtime, and are meant for use with linting tools like mypy or ruff, so that you can make sure your code won't run into type incompatibility issues at runtime.
But the Python interpreter is not the only way to execute code written in Python, the programming language. Numerous Python compilers exist, which do look at type annotations and use that to generate optimized machine code so that the code does run faster.
The "big two" here are Mypyc and Cython, but there's a host of lesser-known Python compilers that all take advantage of type annotations.