FWIW, the link is to basically a glorified demo page _of the design_ of material 3, not a real world implementation of that design. So, that page's performance is not at all reflective of what you'd see when using a relatively recent android app that uses flutter's material components (https://docs.flutter.dev/ui/widgets/material) or one of the many web component libraries that implement MD.
The lag you're noticing is also likely entirely due to their weird cursor behavior. If they simply removed that, I suspect the page's performance wouldn't be at all noticeable.