I have a bunch of different conditions from time series measurements that needs to be evaluated before a certain flag would be set.
I think I know how I could do it with several conditional nodes, but is it more efficient, processing wise, if I make a function that does the same thing?
This 100% depends on your use case. However, the golden rule we follow is:
Only use the Function Node when you can’t or it would be extremely difficult to perform the action with other nodes.