Drugs have a organic functional groups like( COOH, OH, NH2) Nano particles are made of metal/metal oxide. The coordination bond to form metal and and these functional groups requires particular pH. (Kindly read theory of EDTA complexes with Co and Zn using xylenol orange and Eriochrome black T, respectively or Mg and Al ion with oxine). Simply at higher pH many of metal ions are in insoluble hydroxide form thus do not form bond with functional group of drugs. Also at very low pH the functional groups are protonated thus difficult to give pair of electron to form coordinate bond.
Yes, it will definitely effect the drug loading and release from nanoparticles. Almost all drugs are pH-sensitive, the reason could be many from administration to target organ where the drug needs to show its effect, are bathed in body fluids of different pH. Thus, pH is an important factor during the design of a drug itself. Now, it depends on the type of nanoparticles used as a carrier, either a polymer (again degradation and solubility depend upon pH) or inorganic ( drug+ nanoparticle binding depends on pH of solvent). Rest as already said by @Mithil Fal Desai.