It has had a lot higher throughput than Kitty for a long time, but whether it is perceived as faster is a different thing. Some people in this thread say alacritty has high latency, which might make it feel more sluggish.
Kitty has a better feature set imo, too, but is a shame the author is such an ass about Windows that he refuses to even contemplate support for it.
Why does that make him an ass? It's his project, he can do whatever he likes with it.
It doesn't, it is his attitude when people ask about it that makes him an ass.
Kitty seems to have lower latency, and you can feel it, but it has really weird broken font rendering for me.