Presuming that by cheap graphic tablet you mean those black rectangular boards with no screen:
Its not too different, I wouldn't call it day and night by any stretch.
Your skills and mannerisms when drawing stay exactly the same and pretty much translate on the screen.
As you might expect though, you need to get used to looking at the screen instead of where your hand is.
With practice, it will become second nature, but undeniably, it's not as intuitive as drawing on paper. It's just a very very tolerable substitute.
You also need some form of program to draw on, and that requires a learning curve, whereas in traditional media, you just grab a pencil and go. So consider that in your choice. I use photoshop for raster (pixel based) graphics, although I hear that other programs such as Krita, Corel Painter, Clip Studio Pro, Sketchbook etc are better for pure illustrations.
There is also a site,
https://www.photopea.com/ ,which has created AN EXACT clone of photoshop in browser form, since the interface and tools of photoshop were not subject to copyright.
Of course, drawing digitally offers many positives:
-You get to tinker with your drawing as much as you wish without turning the canvas into a dusty mess(or even ripping it, as can happen when using thin paper).
-Inking/coloring is infinitely faster and more dynamic than what you'd achieve with colored pencils.
-Layers: a game changer when it comes to composition: you can have sketch layers for rough drafts, layers where you create perspective grids,vanishing points and other helpful guides, and of course you can ink and color in layers separate from the original artwork, leaving it unblemished. Arguably layers are one of the main reasons for going digital.
My opinion: It's worth getting a cheap ass one, even if it's just for practice. It only expands your choices and options, and pencil and paper will always be there. If you are inclined to drawing, it can be a tool towards, well, more drawing.
Here's a simple helpful guide for what to look out for when comparing graphics tablets:
https://conceptartempire.com/tablet-buying-guide/
I started with the cheapest Wacom model in 2013 (around 60 bucks), but I think that today the market is way more competitive, with TONS of great brands at low price ranges.