I all you do is general browsing, you probably do not need it.
But, if you use web sites that use download Java applets or if you use stand-alone Java programs (not very common), you certainly need it. This is not the same as JavaScript which does not need Sun Java.
As along as you keep the Sun Java runtime, sometimes known as the JRE, you can, mostly, safely, delete any transient downloaded Applets.
It's very unlikely that Sun Java iteself is slowing down your machine.