I am not saying find is outputting files, I am saying it is decoding the full table entry for each file and formatting it, then passing that listing as an entry to wc. Which has to be a bunch of overhead that adds up when you have hundreds of thousands of files to count.
All we want from find is "count the number of inode entries in this tree branch that are type f". No formatting, no output, just count. That has to be much more efficient.