Break up long conditional statement?

I currently have this in a playbook:

- block:
  - name: checking values
    fail: msg="failure here"
    when: ( ( application is not defined) or ( application == "") or
             ( component is not defined) or ( component == "") or
             ( env is not defined) or ( env == "") or
             ( owner is not defined) or (owner == "") or (owner_check == "") )

and a colleague mentioned that it would be better from a performance perspective to break it up into smaller tasks. Is that true? Is there a rule of thumb, e.g. depending on how long the conditional statement is, on whether to break it up or not?

Not sure if faster, but this looks a bit cleaner:

    when: application|default(False) or
               component>default(False) or
               env>default(False) or
              owner>default(False) or
               "" in (application, component, env, owner, owner_check)