understood flopsy
Leaving MikeT's theory aside, I think on balance people - me included - have probably become overconcerned with hydration, as wisdom has been accepted - though the evidence and science behind it is pretty flimsy - that one has to drink so much every 20 mins or whatever.
From experience I reckon that: dehydration does affect performance - but only after a lag time, and probably only at fairly high aerobic work rates.
i.e., at a stately pace of say 5mph over the fells, as long as I was well hydrated when I started and conditions weren't warm, I could get away without drinking anything for maybe two hours before it had an impact. Even then it might be more psychological than physical - I might feel thirsty and worry about it.
I would probably feel the effects of dehydration after I finished but it wouldn't slow me down. Also if I wanted to suddenly up the pace I might then start to feel the effects.