It makes a huge difference. I ran in college at 160, 5' 11 with a large frame. I popped off a few Sunday 20 miles at 6:18 pace and it felt good/easy in a flow.
I ballooned all the way up to 234 at my heaviest and 1 mile at that weight felt worse than 20 in college.
I ran a marathon 2015 summer at 200lbs and ran a 3:20. It was 88 degrees which sucked, but I also still could just feel the extra weight making me work more.
I am now training for a marathon in January and trying to aim to be at least 175lbs at the starting line. I plan on going sub 3hrs and will try and remember this thread and let you know if 25lbs made a huge difference.