tl;dr:
Usually, the horizontal constraint equations and the vertical constraint equations are independent of each other but an aspect ratio constraint links both dimensions, merging the two smaller sets of linear equations into one big set. From my understanding the two smaller sets should be easier to solve than the combined big set and thus, I expected aspect ratio constraints to reduce performance. However, a simple test with 100 constrained views in each dimension showed no difference in performance. Why?
The Question in Detail:
Constraints are linear equations
In Auto Layout, each layout constraint is a linear equation:
view2.attribute = multiplier * view1.attribute + constant
A non-ambiguous and non-conflicting layout is given, when the set of all constraints has exactly one solution.
Inside the method layoutSubviews() the system resolves the constraints i.e. it computes the frames for all subviews from these constraints. The task is to solve a system of linear equations which could be done by applying the Gauss algorithm.
x and y: Two independent sets of equations
Now as long as there are no aspect ratio constraints involved the horizontal and the vertical dimension are independent of each other. Thus, there is one set of h linear equations for the horizontal constraints and one set of v linear equations for the vertical constraints. These can be solved separately.
However, adding an aspect ratio constraint to the view links both dimensions. Instead of two independent sets of linear equations the system has to solve one bigger set of h + v linear equations.
The complexity of solving sets of linear equations
As the complexity of solving a system of n linear equations is 
somewhere between O(n2) and O(n3), depending on the algorithm, it must be faster to solve two systems with h and v equations than one system with h + v equations. Hence I would expect that the process of resolving constraints (i.e. the layoutSubviews() method) takes notably longer as soon as there is at least one aspect ratio constraint present.
To figure this out I created an empty sample project, added 100 views along the horizontal and 100 views along the vertical axis and constrained them properly. Then I measured the time of the layout process:
override func layoutSubviews() {
let t1 = mach_absolute_time()
super.layoutSubviews()
let t2 = mach_absolute_time()
print(t2 - t1)
}
Then I replaced one of the vertical constraints with an aspect ratio constraint and measured the time again. The result was pretty much the same. This is the part that I don't understand.
Why does an aspect ratio constraint not have a bad impact on layout performance?
Here's the setup of the views that I created and constrained. For better visibility the screenshots only show 20 views in each direction instead of the 100 views for which I measured the time.


view.width = view.heightconstraint to the view in the upper left corner. All the views in the top row haveequalHeightconstraints, all the views in the left column haveequalWidthconstraints. - Mischa