What does TLS 1.2 upgrade mean for my server and client

As per my analysis, TLS version is not tied with any certificates, but its tied with cipher suits during TLS negotiation. Is upgrading from TLS 1.1 to 1.2 mean that only TLS1.2 cipher suits are supported or its more than that ? does it change the way TLS1.1 communication happen? can it result in some more latency for your applications?