Can Changing a URL Slug Hurt Rankings Even With a Redirect?

I’m considering changing a page’s URL slug to make it clearer, but the page already gets steady organic traffic and has a few backlinks. If I redirect the old URL to the new one, can changing a URL slug still cause rankings or traffic to dip?

I’m also wondering how long a temporary fluctuation might last, and whether there are checks beyond setting up the redirect that I should make before publishing the change.