It is a very flexible system and still quite fast and easy to configure. I’ve been trying Zed and WebStorm looking for better alternatives, but it turns out they have their own problems. Zed isn’t nearly as configurable, WebStorm’s config system is an absolute nightmare (xml for days - and constantly changing, mingling actual config with transient state).
People complain that VS Code is slow; perhaps on some metrics and perhaps it is slower than a much less featured system like sublime. But I don’t think it is meaningfully slower in practice than Zed, and they make a lot of compromises to get that edge.