I thought I'd heard that any CEL flags the ECM and puts the truck in "safe mode" which does reduce power some. It's not much, but like 90% of normal or something to relieve any stress on any components that might need replacing.
It'll only put the truck in "limp-home" mode under certain conditions, not just any CEL. If the CEL blinks, that's the bad one. The truck doesn't reduce power
because of the CEL but because of what is
triggering the CEL. If the truck has a lean condition and triggers the light, the lean condition causes the shitty drivability, not the light. An EVAP CEL has nothing to do with an O2 sensor, it's all about the EVAP system. Usually a cracked, leaking, vacuum hose and should not affect drivibility at all.