Since you can't tell if a disk io function would have to actually hit the disk or use the cache on older linuxes, libuv just always dispatches said operations to a worker thread pool which then calls the normal function. When it returns, it sends a message back to the other thread to indicate its completion.
If data is already present in the cache, this adds significant overhead vs just calling `read` directly - instead calling `read`, it will post a request to the worker thread queue (which may require synchronization, im not sure exactly how the impl does it tbh), wake the worker thread which calls `read`, which does not block significantly since the data is indeed already present, then it posts an event back to the main thread (which, sure, it is listening for this event on `epoll`, along with whatever else it is listening to, but that's an insignificant detail at this point) which calls the on-complete handler. All that work instead of just transferring the data from the cache to the result. Significant slowdown.
If the data is not already present in the cache, it does exactly those same steps, except this time `read` actually does block for some time, so the main thread can continue with other work in the mean time. (Of course, if the main thread has no other work to do, you've gained nothing from this!)
Hence why I said in my other comment that you ought not draw any general conclusion from this. This speedup has nothing to do with epoll vs io_uring (except maybe that linux file i/o is not really epoll compatible) and everything to do with libuv's block device implementation specifically. It is totally inapplicable to network loads entirely.
edit: in the first version I said "disk file" but it is technically block devices, of which disk files are just the most common example, but of course /dev/zero is a block device that is not a disk file.... and worth noting that /dev/zero is never going to actually load off a disk meaning it is "in the cache" all the time.