No it won't affect the picture or sound.
When HDMI is not working properly if doesn't screw up the signal. It makes the detection of the connection intermittent or not at all. So if you have a source, cables, splitter, AV receiver, display combination they all have to meet the HDMI standards.
When you get a combination that doesn't you have problems. A cable for instance may work fine with one source and TV and not with the same TV and a different source because the new source doesn't meet HDMI specs or the old source could compensate for the cable being off spec. Can drive you crazy especially with long cables.