The authors of the dozens of tiny editors using this "structure", which were quite popular on the PC in the late 80s through early 90s, would disagree. A memcpy/memove() runs at many GB/s on a typical machine today, so you would have to be editing absolutely huge files to notice. Even back then, memory bandwidth was a few MB/s --- still plenty fast, considering that the typical files of the time were also much smaller.
I can remember a time when I was attempting to write my own editor and at first spending a lot of time obsessing over the data structures (it was harder to find such information at the time) --- only to realise that a lot of the editors I'd tried, including the one I was using the most at the time --- were working perfectly well with just one big buffer.
I've opened files of a few hundred MB in Windows' Notepad, which also belongs to this family of editors; and on a machine a few years old, opening the file takes the longest because it has to be read into memory --- once it's opened, moving around and editing lines doesn't show much lag at all. "Worse is better", indeed.