Hi,
“particle effects” sound very advanced but are just a premade behaviour code that draw a lot of small sprites.
From my own tests, performance seems to be linked to how much texture memory and draw calls you are using.
It doesn’t matter is it means drawing a sprite, playing a sprite animation or drawing sprites using the particle engine (code).
I’d say that using particle effects is in most cases more efficient and lighter since you can draw many object that change in size etc over time, without any overhead from drawing “blank space” between pixels.
I might be arrested on this by those who are more knowledgable regarding draw calss and such, but this is how it seems to me.
I learned a lot while creating Radiance Particle Editor 
Take care!
Anaqim