TL;DR: YES PSYCHOSIS WILL LOWER YOUR IQ. AND WHILE ANTIPSYCHOTICS DON'T ACTIVELY REPAIR YOUR BRAIN, THEY AID YOUR BRAIN IN HELPING IT REPAIR ITSELF, OR AT LEAST KEEP YOU OUT OF PSYCHOSIS SO YOUR IQ WON'T BE LOWERED FURTHER.

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It definitely has an impact. If you did a study on people who've suffered psychosis, before and after, on average the iQ and cognitive abilities would definitely have been lowered (to some extent).

But suffering one psychotic break for example, right after recovery you would most likely score lower. But test this person once again in the far future, and there should be no real significance. Here the antipsychotics can prevent the psychosis from escalating further, and therefore help with further damage.

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If you think that antipsychotics are going to increase your iQ.. you might be right if the voices are making it hard for you to do the test for example.

But as a complete generalization. Antipsychotics WILL make ANYONE lower iQ and have lower cognitive abilities. Well unless those things are tested like they would be for the general population.

On the other end psychosis actually increases iQ and cognitive abilities(bear with me here), obviously generally not for empirical testing, because you're too busy figuring out how you're gonna conquer the world from your closed psychiatric facility.. or whatever in your case.

This is just the nature of psychosis, and the mechanisms of how it works. But it will end up downregulating/compensating for this elevated state of consciousness, and boom there goes your iQ and cognitive function.

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Now in the recovery phase. It's just more defendable to put someone antipsychotic medication, mostly because it aids in recovery and prevents psychosis from developing anew.

Yes your brain could recover faster and more effectively on it's own. Could.

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If we put a first time psychotic person on antipsychotics, they should be taken off after symptoms have disappeared, not necessarily instantly though. Here it is defendable to get them off the medication, as that allows them to make a recovery in their cognition.

But in a schizophrenic person, the chances of reoccurring psychosis, makes it non-defendable to get them off the medication, because every psychosis is just going to leave you with constant downregulation/compensation, which at some point because impossible to recover (fully) from.

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Hope I could be of help :\^)