Rob Farley looks at binary collations and specifically hash functions on aggregation:
If there’s an index on the column you’re grouping, then changing the collation is going to hurt a bit. Grouping could take advantage of a Stream Aggregate under our indexed collation, but changing the column is like throwing it away the index order (ORDER BY doesn’t get handled well by changing the collation) means a Hash is required. But comparing two query plans that both use Hash Match (Aggregate), one on a case-insensitive collation and one on a binary collation, then I found the latter was slightly faster. Not as drastic a change as searching, but still 10-30% better. One would run in about 12 seconds, and one in about 10.
Be sure to check out his comments for more details.