I’ve gotten a newer computer since commenting there four years ago and now I don’t notice this issue as much. Presumably the faster hardware results in less lag through brute force. Looks like some improvements may be in the works.
I think part of the problem you are seeing is down to the fact that JOSM, once you start creating a new feature, always attempts to snap to the nearest vertex. This will require the app to continuously calculate the proximity of nodes to the cursor’s position, a thing I could well see costing a lot more time with lots of nodes in the display’s extent.
I don’t know if JOSM builds some kind of in-memory spatial index of the features it loads, but it might well not be doing that assuming most people will load limited extents.