On my Laptop (Lenovo)will turning the power options to high performance cause less lag on video games?

There are several power options and I have the high performance one enabled now, however does their recommended one"Balanced" make it easier for games to run such as CS: GO and TF2?

That has more to do with your CPU and RAM, it seldom does anything for video.

No the performance setting is the one that will play games the best but it will have the biggest impact on your battery life.