Exactly.
What's most distressing is people (as normal) are completely ignoring the garbage collection overhead, which is mostly where the advantage of having complete control is, in terms of micro-managing your memory allocation, e.g. using slab allocators, memory pools, pre-allocation, etc.
C# code in theory (ignoring things like intrinsics support and inline asm) can be as fast as C++ for tight loops, but in my experience (writing 2D/3D software for the VFX industry) +85% of the time if you profile something, it'll be the memory allocation which is killing things performance wise.