Even with browser cache enabled, stack overflow loads a considerable number of resources compared to st4k. St4k loads 1 api call to get the S.O. data (JSON - ~1KiB), then loads any needed images. Stack overflow is loading the entire HTML document again (~15KiB), along with a lot of other web resources. Without going into their code, I've got no idea on what is lazy loading.
But my point still stands on the speed of page navigation (not first time landing). St4k is faster as each change of page requires less KiBs of information to perform a page render, as well as less content to render: Compressed JSON, vs the entire HTML markup, and Rendering the Changes vs Re-Rendering the entire window/document.