I can't imagine that I know of anyone who would not wish to give the best performance of which (s)he is capable, but I also know that provenance is a very important part of any song - for me - especially if there is a known writer; it should be a necessary courtesy to acknowledge that to an audience and need not be a lengthy distraction.
And - for me, personally - background knowledge and info. are a very important starting point when getting to grips with a new traditional song. But how much of this to share with any audience will always depend on particular circumstances, and I would hope that I get it right more often than I get it wrong.