I've seen one case mention that using SHA-512 would increase the memory requirements for attackers. In some cases, I know that increasing memory requirements will make GPU hashing less effective. Not sure if that's true in this case.
If you're going to use PBKDF2 (instead of, say, Argon2) and you have the option to use SHA-512, you should definitely pick it, for the reason you give—since the computation requires more memory, it's disadvantageous to GPU-based password crackers. Here's from one arbitrarily-picked Hashcat benchmark:
Hashtype: SHA1
Speed.Dev.#1.: 8538.1 MH/s (96.95ms)
Speed.Dev.#2.: 8511.0 MH/s (97.22ms)
Speed.Dev.#3.: 8625.6 MH/s (97.79ms)
Speed.Dev.#4.: 8599.6 MH/s (96.85ms)
Speed.Dev.#5.: 8617.4 MH/s (97.89ms)
Speed.Dev.#6.: 8560.9 MH/s (97.30ms)
Speed.Dev.#7.: 8640.8 MH/s (97.61ms)
Speed.Dev.#8.: 8677.5 MH/s (97.22ms)
Speed.Dev.#*.: 68771.0 MH/s
Hashtype: SHA256
Speed.Dev.#1.: 2865.2 MH/s (96.18ms)
Speed.Dev.#2.: 2839.8 MH/s (96.65ms)
Speed.Dev.#3.: 2879.5 MH/s (97.14ms)
Speed.Dev.#4.: 2870.6 MH/s (96.32ms)
Speed.Dev.#5.: 2894.2 MH/s (96.64ms)
Speed.Dev.#6.: 2857.7 MH/s (96.78ms)
Speed.Dev.#7.: 2899.3 MH/s (96.46ms)
Speed.Dev.#8.: 2905.7 MH/s (96.26ms)
Speed.Dev.#*.: 23012.1 MH/s
Hashtype: SHA512
Speed.Dev.#1.: 1071.1 MH/s (96.43ms)
Speed.Dev.#2.: 1063.9 MH/s (96.40ms)
Speed.Dev.#3.: 1084.2 MH/s (96.25ms)
Speed.Dev.#4.: 1076.9 MH/s (96.03ms)
Speed.Dev.#5.: 1080.2 MH/s (96.64ms)
Speed.Dev.#6.: 1074.1 MH/s (96.16ms)
Speed.Dev.#7.: 1086.3 MH/s (96.01ms)
Speed.Dev.#8.: 1088.1 MH/s (95.91ms)
Speed.Dev.#*.: 8624.7 MH/s
This GPU can only compute SHA-512 about 13% as fast as SHA-1, and 37% as fast as SHA-256. And 64-bit CPUs can compute SHA-512 quicker than SHA-256, so it's an even bigger win.
Note those results are for raw SHA-*, when use PBKDF2 the iterations slow the attacker down further, for example (from same page):
Hashtype: PBKDF2-HMAC-SHA1
Speed.Dev.#1.: 3233.9 kH/s (67.40ms)
Speed.Dev.#2.: 3198.7 kH/s (68.17ms)
Speed.Dev.#3.: 3286.2 kH/s (67.40ms)
Speed.Dev.#4.: 3275.8 kH/s (67.07ms)
Speed.Dev.#5.: 3305.3 kH/s (66.98ms)
Speed.Dev.#6.: 3239.7 kH/s (67.85ms)
Speed.Dev.#7.: 3302.3 kH/s (66.97ms)
Speed.Dev.#8.: 3314.4 kH/s (66.78ms)
Speed.Dev.#*.: 26156.2 kH/s
Hashtype: PBKDF2-HMAC-SHA256
Speed.Dev.#1.: 1173.1 kH/s (81.39ms)
Speed.Dev.#2.: 1171.6 kH/s (85.26ms)
Speed.Dev.#3.: 1194.3 kH/s (77.60ms)
Speed.Dev.#4.: 1182.9 kH/s (80.93ms)
Speed.Dev.#5.: 1182.3 kH/s (86.08ms)
Speed.Dev.#6.: 1174.8 kH/s (81.28ms)
Speed.Dev.#7.: 1191.0 kH/s (77.58ms)
Speed.Dev.#8.: 1203.1 kH/s (80.72ms)
Speed.Dev.#*.: 9473.2 kH/s
Hashtype: PBKDF2-HMAC-SHA512
Speed.Dev.#1.: 431.4 kH/s (88.54ms)
Speed.Dev.#2.: 425.8 kH/s (89.24ms)
Speed.Dev.#3.: 432.5 kH/s (89.37ms)
Speed.Dev.#4.: 433.5 kH/s (89.18ms)
Speed.Dev.#5.: 433.4 kH/s (90.16ms)
Speed.Dev.#6.: 427.2 kH/s (85.02ms)
Speed.Dev.#7.: 432.7 kH/s (88.89ms)
Speed.Dev.#8.: 433.7 kH/s (88.67ms)
Speed.Dev.#*.: 3450.1 kH/s
I can't find it now, but someone stated if you want to preserve the entropy of high entropy intput, then use PBKDF2 with a higher SHA. So I'm wondering if the inverse is true, that there is no real gain to using SHA-512 if your input is low entropy.
The word "entropy" is very technical and tends to confuse people. One useful practical way to think about it in this context is that the entropy of a password is a way of estimating how many attempts it takes an attacker to guess it. If you look at it this way, it should be clear that slowing down the rate at which the attacker can attempt guesses is good as long as it doesn't impose unreasonable costs on the defender. Running openssl benchmark sha1 sha256 sha512
on my computer I get:
type 16 bytes 64 bytes 256 bytes 1024 bytes 8192 bytes 16384 bytes
sha1 111320.78k 284724.68k 566193.99k 754458.21k 867765.68k 884538.07k
sha256 67121.90k 161239.47k 297468.75k 357967.84k 383634.68k 404701.29k
sha512 46691.15k 181327.42k 330951.90k 501714.45k 523881.21k 582528.17k
So using the 16 and 64 byte numbers, SHA-512 is 40-60% as fast as SHA-1 on my 64-bit CPU. But as we saw above, SHA-512 was only about 12.5% as fast as SHA-1 in the GPU benchmark we looked at. So for a modest cost in CPU time you're imposing a much bigger cost in GPU time. This is what you want to see!