I assumed I must be doing something wrong. Eventually took a look and found the SGI rope library constructs a tree where each heap allocated leaf node only contains a single character from the document. No wonder its so inefficient. I'm somewhat horrified by the idea that anyone is using that implementation in their software.
Sometimes I think about how much money people would pay to make their computer run 20x faster. Our society spends a truckload of money on computing hardware - but most of that hardware is wasted running wildly inefficient programs. Modern computers should do basically everything instantly. Its weird to me that we'll pay thousands of dollars for faster CPUs then write new software in python, electron or a docker container running in a VM.