Since people are mentioning latency I’ll mention throughput. Basically the idea is that you accidentally cat a large file to your terminal and we are measuring how much time it takes for the terminal to finish displaying it. This test generally favors GPU-accelerated terminals.
Ghostty performs very well on this regard, among the same league as Alacritty and Ptyxis.
Rather, what will win is a terminal that internally builds an efficient, symbolic representation of what is on the display, rather than a pixel representation with all the font glyph, and which efficiently sychronizes that symbolic representation to the graphical canvas, skipping intermediate updates when the abstract display is changing too fast.