Yes. A typical mempool should contain as many as possible of the transactions that go into the next block. This enables more accurate fee estimation, and faster block propagation thanks to more efficient use of Compact Blocks.

Slowing down block propagation causes higher orphan rates, which favors large miners and therefore contributes to centralization.

Filtering causes out-of-bands distribution of transactions to miners, which again favors large miners, making it harder for small miners to compete, which creates a centralization pressure.