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Might be a misconfiguration, but according to https://help.mikrotik.com/docs/display/ROS/L3+Hardware+Offlo..., the CRS312 has hardware NAT and Fasttrack. That should allow 10Gbps NAT as long as the number of connections tracked are below the hardware limit. Anything beyond the limit will be managed by the CPU.

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Yes, it does have hardware offload, but that works better in theory than it does in practice. (For doing line-rate NAT with more than a handful of clients, it's not an option, mostly because of the state table limits already mentioned in a sibling comment).

"Will the hardware offload actually do anything useful?" is a time-honored Mikrotik game: see the sometimes surprising limits at https://help.mikrotik.com/docs/display/ROS/L3+Hardware+Offlo...

The CRS312 only supports 2K NAT entries in hardware, which is very little.

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