It may depend a good deal on the sequencing - i.e. stacking order of the sprites with effects. Also how often the effect itself changes. In my testing I could have, for example. 5000 sprites with a Shader on them at ~30fps, but it gets cut in half if the parameters change every tick.
You basically need to experiment.
As was said you could try and use layers - for example have a layer that always has a max brightness effect and move the sprites to the layer on hit, then move them back.
Basically what Ashley always says applies - test it to see if it's fast or slow, when it gets quick you have the right approach.