I haven't noticed any performance issues in vim to start with. It was fast on a 75MHz pentium for me. The syntax highlighting, same. No issues. I don't always use that though because I can't be bothered to set up anything much past the basic config.
IIRC vim became really slow with the combination of large source files (thousands of lines of code) and language server plugins (e.g. code completion and live error squiggles).
At one point vim lacked asynchronous plugins. If a plugin was running a builder or linter it locked the editor up (from what I recall).
That fell apart when people wanted vim to do some more modern IDE kind of things like all the “… on save” stuff (build on save, test, lint, etc). I think LSP support is native in neovim as well.
I believe vim merged asynchronous plugin support a while back though, so I’m not sure how different they really are anymore.