Peeling potatoes or root vegetables generally decreases cooking time because the water can penetrate the vegetable more easily, and the heat doesn't have to first penetrate the peel.
When you peel a potato or other root vegetable, you remove the outer layer, which acts as a slight barrier to heat and moisture. The peel, while thin, can slow down the cooking process. Without the peel, water and heat can directly access the flesh of the vegetable, leading to faster and more even cooking. This is especially noticeable when boiling or steaming. The difference in cooking time might not be drastic for small pieces, but for larger, whole vegetables, it can be significant. Furthermore, the peel contains some compounds that can affect the texture during cooking. Removing it allows for a potentially smoother and more consistent texture throughout the cooked vegetable.
If you're boiling potatoes for mashed potatoes, peeling them *after* boiling can actually make them less waterlogged and result in fluffier mashed potatoes, as the peel helps to prevent excessive water absorption during the cooking process.