Is it possible for increasing the SQL Server max memory limit to degrade performance?

As far as I can tell, raising the SQL Server max memory limit has no drawbacks, provided that sufficient memory is left for the OS and other applications.

Assuming this is the case, can there be any detrimental effects to raising the max memory limit?

The only thing I have seen is this KB article from Microsoft, which states,

When you configure max server memory sp_configure option in Microsoft SQL Server to a large value, you may notice that a particular query may run slowly. But if you lower the value for this option, the same query may run much faster.

but it only applies to old versions of SQL Server (<=2008).