If your page takes an age to load, it's going to create a poor experience for the user. They are likely to click back to the search results and go looking for another result. Google recognises that slow pages provide a poor user experience and therefore incorporate load times as a ranking factor.
Google mentions in its developer guidelines that a score of above 85 in its page load speed (within their Page Speed Insights tool) indicates the page is 'performing well'. It's a reasonable assumption therefore that there is a threshold to page speed you need to pass, rather than incremental gains in rankings across page speed.
The PageSpeed Score ranges from 0 to 100 points. A higher score is better and a score of 85 or above indicates that the page is performing well.
?https://developers.google.com/speed/docs/insights/about
There are a couple of different ways Google may measure page speed. One is using a network agnostic test, so ignoring any factors that may vary the load time such as connection speed or location. This is the same method as the Page Speed tool which it provides for webmasters to measure page speed. The other mechanism it has available is through looking at user data passed back from Chrome which of course is subject to all those different variations. It may load considerably quicker for a user on a high-speed 40mb connection than a slow 2mb connection.
Within this the measurement is broken down into several variations. It's a fair assumption that the different measurements given within the page speed tool are reflective of the measurement Google considers important.
Desktop loading speed : How long it takes to load the page for a desktop device
Mobile loading speed : How long it takes to load the page for a mobile device
Above the fold load time : How long it takes to load the portion of the page which is immediately visible
Full page load time : How long it takes the entire page to load
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