No, it's very fast because the ChaCha/Salsa20 stream cipher uses common CPU instructions and runs fast in purely software, whereas AES requires things like S-Box computations which is slow in software but fast when implemented as accelerated instructions in hardware. There are IPSEC software stacks using AES acceleration that runs just as fast, not to mention IPSEC hardware offload.
OpenVPN is slow due to architectural constraints, but IPSEC doesn't suffer from that at all. IPSEC tunnels with PSK is also absurdly easy to configure, either on Linux, or a router, what it doesn't offer is native NAT traversal.