Here are my findings using Win 10.
The test consisted of doing a "dir c:\windows\system32\*.*" which, in Win 10 is a fair number of files.
conhost.exe in Win 10 is noticeably faster than the Win 7 version. I tested both, the legacy mode and "non-legacy" mode. The difference, if any, wasn't noticeable.
Just for fun, I compared the output speed of Powershell to TCCLE's. TCCLE was, at _least_ twice as fast as Powershell (honestly, it felt more than 4 times faster.)
Conclusion: on Win 7, conhost.exe and/or process switching is a dog. on Win 10, conhost.exe is quite a bit faster. TCCLE may not have all of Powershell's bells and whistles but, speed-wise, it leaves it in the dust (there simply is no comparison.)
Also, pure GUI output of roughly the same amount of text is basically instantaneous which means that in spite of the improvements to conhost.exe (and possibly process switching) in Win 10, it is still _much_ slower than graphical output by several orders of magnitud (no comparison.)