Earlier quoted context omitted.
The glass transparency effect is just very computationally expensive.
The glass UI renders on my Apple Watch 6 just fine and that thing has probably 0.5% the GPU power as the Macbooks.
Likewise, while it performs "fine," interacting with the UI still feels sluggish on Tahoe on my M4 Pro compared to Sequoia. I still have another M4 Pro with sequoia on it and it's a night and day difference, in favor of Sequoia.
There may not be any real performance loss but there is definitely UI latency and it's very noticable.