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It will affect networking.

Central routers are deployed on the controllers. When both controllers are down, instances can't access devices outside of their network, and won't be accessible from outside.

Distributed routers are mostly deployed on the compute nodes. Instances with floating IPs won't be affected, but traffic from instances without floating IPs still goes through the controllers. Such instances won't be able to dial out.

Another aspect is DHCP. Instances need to renew DHCP leases at some time. If your DHCP servers run on the controllers, instances will lose their static IP addresses.

There may be other impacts depending on your specific setup. Carefully analyse which components run on the controllers and consider whether their absence might impact instance operation.