> I have SMB multichannel enabled, but this real-world speed limitation could also be related to my use of my lower-power Arm NAS (running on Ampere Altra, with 32 fairly-slow CPU cores).
Based on my own testing with a 25 Gb NIC setup on macOS I strongly suspect the issue is not on the NAS side, and the hardware I was working with is by no means underpowered.
The Mac I was working with is one of those rack mount M2 Mac Pros with a 25 Gb PCI-e card. On the NAS side it was a several hundred terabyte all NVMe flash multi-node cluster, each node with Xeon CPUs and 2x 25 Gb bonded NICs. Doing some rough throughput testing from macOS over multi-channel SMB yields throughput rates that are barely faster than the built-in 10 Gb copper NICs on the Mac.
Using iperf I can confirm that I can get near enough to 25 Gb/s raw network throughput on the Mac. And other non-macOS systems see significantly faster throughput to the same NAS. I am not sure exactly what the issue is that causes 25 Gb NICs to underperform so significantly for file sharing tasks, but I am reasonably certain that the issue is in macOS.