Yes it is less secure.
NTLM (which is the authentication protocol used) is technically less secure. You are presenting your credentials to a host. And NTLM does not offer authentication of the host to the client. It's straightforward for an attacker to impersonate that host at that IP address.
In a Kerberos environment you do not present your credentials to the host, you present credentials to a separate authentication server, it provides a token, and that token is then presented for authentication. The credentials are presented in fewer hosts that are more secure than a typical server.
If Basic Authentication is enabled and used instead of Negotiate/NTLM, those credentials are sent over the wire unencrypted, which is obviously bad. However after authentication, the session is encrypted at the message level regardless of the HTTP/HTTPS transport scheme. Basic+HTTP and Digest authentication methods should never be enabled/used.
Most organizations don't do this due to it wouldn't pass an audit. In workgroup scenarios, certificates are nearly always used.
https://learn.microsoft.com/en-us/powershell/scripting/learn/remoting/winrmsecurity?view=powershell-7.3
https://devblogs.microsoft.com/powershell/compromising-yourself-with-winrms-allowunencrypted-true/
https://adamtheautomator.com/psremoting/