Hi,
No, it will not effect your growth or stunt anything. If you feel like excessive masturbation is keeping you from healthy activities like spending time with friends/family, exercising, completing your studies, etc. then I would suggest that you should cut back on masturbation, or use moderation. You could set a limit for yourself, such as once or twice daily, afterward if you feel the urge again that's when you need to distract yourself with other activities. Limiting your time alone and staying busy outside of your home will help.
Good Luck