I read this argument ("async is for I/O-bound applications") often, but it makes no sense to me. If your app is I/O bound, how does reducing the work the (already idling!) CPU has to spend on context switching improve the performance of the system?
Assuming for the sake of argument that they are together, you're still saving stack memory for every thread that isn't created. In fact you could say it allows the CPU to be idle, by spending less time context switching. On top of that, async/await is a perfect fit for OS overlapped I/O mechanisms for similar reasons, namely not requiring a separate blocking thread for every pending I/O (see e.g. https://en.wikipedia.org/wiki/Overlapped_I/O, https://stackoverflow.com/a/5283082)
So avoiding that would mean a server can handle more traffic before running into limits based on thread count.