An IP is essentially a phone number. A static IP address means that the phone number will always be the same so your computer basically has it saved so it goes to contacts and dials that number, for the device it has the number stored locally.
For a dynamic IP address a device asks a service for a new number when it boots up, and when something else wants to contact that device it has to look up the number. That said those activities take milliseconds, for most people on a home network static IPs aren’t necessary.
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