In practice though, for most enterprise web services, a lot of real world performance comes down to how efficiently you are calling external services (including the database). Just converting a loop of queries into bulk ones can help loads (and then tweaking the query to make good use of indexes, doing upserts, removing unneeded data, etc.)
I'm hopeful that improvements in LLMs mean we can ditch ORMs (under the guise that they are quicker to write queries and the inbetween mapping code with) and instead make good use of SQL to harness the powers that modern databases provide.