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The T2 chip is more than just a security chip. It incorporates everything from the System Management Controller (SMC), SSD Controller/Hardware Encryption/Secure Boot for system storage, ISP (image signal processor), audio controller and Security Enclave.
That’s quite slow considering the price. A lot of external SSD based on USB-C now uses USB 3.2 interface with bandwidth of 10 Gbps. I have an OWC Envoy Pro Ex ($270- 1TB) but it’s pretty much the same with any equivalent SSD from Samsung (T7) or WD or Sandisk where the sequential R/W is just around 1000 MB/s. Or you can buy an USB-C (10-20 Gbps) or Thunderbolt 3 (40 Gbps) NVMe enclosure install in it a Samsung 980 or WD SSD (1TB) module for a total of less than $200.
The single core alone is almost twice that of the Snapdragon 865 (1,583 vs 870).
The multi-core is a lot closer although you have to consider that the SD865 runs on 8 cores vs 6 on the Apple A14 (Apple has been using 6 cores on the regular A series chip since the A10- the “X” version for the iPad Pro uses 8 cores). For the multi-core the SD865’s GB5 score is around 3,280 vs 4,198 for the A12.