Can nologging in certain tables boost the performance?
Not for a normal transactional load.
nologging only affects some very specific cases of DML (essentially direct-path inserts) and some DDL (see
logging_clause). So essentially only for bulk data-loading scenarios. If that's not what your database is doing, it won't help at all. If it is what your database does all day, then look at the most expensive statements and see if they can benefit from nologging.
Data corruption because of nologging is a concern
No it's not. Recoverability is. But since you're in
noarchive mode, you don't really seem to care about that.
Can someone give insight of how truly enabling nologging helps in this situation?
As said above, it generally doesn't. It is certainly not something you should try and turn on everywhere for everything. Look at specific statements and objects. Test to make sure it does make a difference and doesn't break your application (direct-path operations have specific requirements in terms of when you need to commit in particular).
What are the other options I have?
You already know one: get hardware that can handle the load you need to process. Sounds dumb, but if you're generating 8Mb/s writes and your drives can only handle 7Mb/s, performance will suck. There's no magic.
The other is: tune your application. Poorly written code can generate way more activity than necessary on the database - sometimes massively. You need to look at what's hurting (with AWR or whatever other tools you use) and figure out if there are better ways of doing things.