Are there negative effects of freezing for bread and cake? Are there any negative effects to flavour and or texture to freezing breads/cakes and such?

I notice many layered cake recipes have to bake a cake cover it in a layer then cool or freeze in the fridge, is there any negative affect to the cake?
Not that I know of. In fact, freezing is usually beneficial because it keeps the cakes firmer for assembling, layering, and frosting. It also helps crumb coats adhere better.