Are there any side affects when always on and log shipping is configured for this particular database
For logshipping no assuming it is running properly. For AG yes. Now this largely depends on AG configuration, number of replicas and bandwidth and load on bandwidth between primary and secondary replica. For AG it is said you are only as fast as your slowest replica. So if everything is fast and your one of replica is slow it will slow the data flow hence causing log file to grow fast on primary.
EDIT:From your follow up question
But question is, it was showing up AVAILABILITY_REPLICA" log_reuse_description for almost more than 5 hours.
2 Things
- Large transaction of primary which is being sent to secondary and their is network latency
- A blocked REDO on secondary.
My hunch is 2nd option. A large REDO or blocked REDO will not allow the REDO to complete instantaneously and may affect incoming transactions. See below thread
log-truncation-issue-in-alwayson-ag