This would have some amount of effect on the earth, though I’m not knowledgeable enough to say what the effect would be. I could imagine the result being anywhere from “it’s measurable with scientific instruments” and up to “all life on earth will die within hours”.

Off the top of my head iirc Neptune prevents a huge amount of large meteors from hitting the earth, so i think for that reason alone it would lead to earth being frequently hit with meteors that each cause nuclear weapon level of destruction.

EDIT

Actually Jupiter is the planet that protects us from asteroids, so that specific effect probably wouldn’t be in play