It's fast if you measure throughput or median latency but it tends to have pretty monstrous worst case latencies due to GC.
If you need really hard limits on collection then that's a tricky problem, but that's also tricky when you're managing memory yourself.
Simple tweaks can go a long way for a lot of developers, but GC performance has been a problem at the last 3 organizations I've been at - and I'm not in the valley or at a FAANG - so it isn't exactly an uncommon scenario for developers.