I have a suspicion that APFS is partly to blame. When I saw benchmarks of APFS vs. HFS+ [0, 1], it appeared that Apple had managed to transition to a filesystem that is markedly slower at reads and writes than the 20 year old one it was replacing.
[0] https://malcont.net/wp-content/uploads/2017/07/apfs_hfsplus_...
[1] https://malcont.net/wp-content/uploads/2017/07/apfs_hfsplus_...