A 2% loss of body water (dehydration) reduces aerobic performance by up to 20%. A 3–4% loss causes cognitive impairment: you make bad pacing decisions, you miss nutrition cues, and you slow significantly on the run. Most age-group triathletes arrive at the run 3–5% dehydrated because they drank less than their sweat loss on the bike.
The goal is not to drink as much as possible. The goal is to drink enough to replace 80–90% of your sweat loss without over-hydrating, which can cause hyponatraemia (dangerously low blood sodium).