I'm mainly a horn player, and I had a yellow brass horn that was lacquered, and then stripped the lacquer. It made very little difference if any. The horn I play now is silver plated, but I have played a brass version of the same model, and the difference was very minor.
On trumpet, I have played on a brass Strad 37, and a silver plated 37 from the same era. They played very similarly, within reasonable variation from horn to horn.
The differences get slightly more pronounced in the lower brasses, but it also gets in to the issue of hearing with the eyes. If you listen to a blind test of a silver and lacquer trombone of the same model, chances are you wouldn't be able to consistently tell which was which. Same with euph, same with tuba.
But, if you have a band where all the members of a section have the same color of instrument, it looks really neat.