More test results... The speed debuff related to attacking a bug is related to disabling "the quickness".
Summary so far...
If you don't have an item or status that includes that buff, then you don't notice the change. Once you attack an insect, "the quickness" appears to be disabled. It's not until you defeat an "angry" type bug that it turns off. If you've attacked a "neutral" or "harmless" bug but failed to kill them you have to despawn the damaged bug (leave the biome for example). If you've killed the neutral or harmless bug, you have to trigger a new angry bug to re-enable the quickness (without attacking the angry bug, otherwise you've started the whole process over again and have to kill the angry bug).
My results are observation based, so they may be somewhat inaccurate.