From what I've seen a surprisingly large part of the overhead is due to SMAP when doing larger reads from the page cache - i.e. if I boot with clearcpuid=smap (not for prod use!), larger reads go significantly faster. On both Intel and AMD CPUs interestingly.

On Intel it's also not hard to simply reach the per-core memory bandwidth with modern storage HW. This matters most prominently for writes by the checkpointing process, which needs to compute data checksums given the current postgres implementation (if enabled). But even for reads it can be a bottleneck, e.g. when prewarming the buffer pool after a restart.