Yes it is that much faster, and a good part of it is because of the multi-thread design, but as a reminder, WinRAR or 7-Zip are too multi-thread, and you can see the difference. To satisfy your doubt, I suggest running Pack for yourself. I am looking for more data on its behaviour on different machines and data.
Can I ask why do you need a version without ZSTD? If you are thinking that compression slows it down, I should say no. Pack is the first of its kinds that "Store" is slowing it down. Because its compression is smart, it will skip any non-compressible content.
On the same machine and the same Linux source code test:
Pack: 194 MB, 1.3 s
Pack (With no Press): 1.25 GB, 1.8 s