I have had similar experience, with ZFS zstd dropped IOPs and throughput by 2-4x compared to lz4! On a 64 core Milan server chip…
technically sure you're correct but the actual overhead of lz4 was more or less at the noise floor of other things going on on the system to the extent that I think lz4 without thought or analysis is the best advice always.
Unless you have a really specialized use case the additional compression from other algorithms isn't at all worth the performance penalty in my opinion.