Say, we want to replace one string with another, e.g., "foo" with "bar" as it appears in your image post. So assuming that we need simple string replacement, not regex-based replacement, and also assuming that we have vanilla Vim, vanilla Emacs, no customization, and US layout keyboard, Emacs seems to be at par with Vim.
On Vim: <Shift>+; (:) <Shift>+5 (%) s/foo/bar/g <Enter> (16 key strokes)
On Emacs: <Alt>+<Shift>+, (M-<) Alt+Shift+5 (M-%) foo <Enter> bar <Enter> <Shift>+1 (!) (16 key strokes)
Now I know some of you might observe that I have not counted the initial <Esc> to escape to normal mode and the final i to enter insert mode again in Vim. That is correct, however, I find that experienced Vim users keep themselves in the normal mode most of the time. The normal mode is really the normal mode and the insert mode is a special mode that they get into for short periods of time to insert text. Also, they rarely use i to enter insert mode. Instead, they usually o, O, a, A, I, c<motion>, c<text-object>, etc. to enter insert mode. Then they return to normal mode again as soon as they are done inserting text, so I don't think it is fair to count the overhead of <Esc> and i while counting Vim key strokes.