One thing which surprised me at a recent job was that even what I consider to be a large bundle size (2MB) didn't have much of an effect on page load time. I was going to look into bundle splitting (because that included things like a charting library that was only used in a small subsection of the app). But in the end I didn't bother because I got page loads fast (~600ms) without it.
What did make a huge different was cutting down the number of HTTP requests that the app made on load (and making sure that they weren't serialised). Our app was originally going auth by communicating with Firebase Auth directly from the client, and that was terrible for performance because that request was quite slow (most of second!) and blocked everything else. I created an all-in-one auth endpoint that would check the user's auth and send back initial user and app configuration data in one ~50ms request and suddenly the app was fast.
Now take a good, hard look at the number of individual resources your application's page includes. Every tracker, analytics crapware, etc. gets in that queue. So do all the requests they generate. And the software you wrote is even slower to load because marketing insisted that they must have their packages loading at the top of the page.
Welcome to hell.
An extreme and outdated example, but back when cable modems first became available, online FPS players were astonished to see how much better the ping times were for many dial up players. If you were downloading a floppy disk of information, the cable modem user would obviously blow them away, but their round trip time sucked!
Like if you're on a totally reliable but low throughput LTE connection, the requests are NBD but the download is terrible. If you're on spotty 5g service, it's probably the opposite. If you're on, like, a heavily deprioritized MVNO with a slower device, they both super suck.
It's not like optimization is free though, which is why it's important to have a solid UX research phase to get data on who is going to use it, and what their use case is.