Current IntelliJ uses Java11 and has gotten slower over the past few years (anecdata from my own use) - so probably not.
However, now it is really bogging down. I'm sure it doesn't help that I've got several IDEs open along with some monstrosity of a "microservice" framework running half a dozen docker services and DBs on an older Macbook Pro, but it's true that app and OS devs tend to use all increases in CPU and ram, and so absolute performance and battery life never seems to get better over the years, regardless of how much the underlying hardware itself has improved.
Any reason you're using sbt for Java projects? That's an odd combination. Anyway, I believe Metals is getting close to supporting this particular use case if you want to keep using VS Code.