I don't understand this point. All functional programming languages have algebraic data types and records, which are composite types. If this is not a "composite object", you'll have to clarify what you mean.
> Copying memory around to enable to facilitate these immutable structures is SLOW.
Slower than what and in what context? Append-only logs in relational databases are immutable data structures, and they enable multiversion concurrency control, which is faster and more scalable than locking when there's lots of contention.
Unqualified claims like "immutable data structures are slow" is just wrong.