The one I notice the most is the filesystem. Running Linux in VirtualBox, I got 7x the host speed for many small file operations. (On top of that Explorer itself has its own random lag.)
I think a better question is how much performance are they leaving on the table by bloating the OS so much. Like they could have just not touched Explorer for 20 years and it would be 10x snappier now.
I think the number is closer to 100x actually. Explorer on XP opens (fully rendered) after a single video frame... also while running virtualized inside Win10.
Meanwhile Win10 Explorer opens after a noticeable delay, and then spends the next several hundred milliseconds painting the UI elements one by one...