I don’t have the numbers anymore, but the difference was visible. IIRC, the main reason was that various mix tasks (e.g. compile, test) processed apps sequentially. OTOH, when everything is in the same project, compilation of modules and tests can run concurrently on the entire codebase.
Whether that’s a bug is debatable, and I’m also unsure where should this be tackled (in the editor or in mix). Coupled with the fact that I personally don’t find umbrellas particularly useful, I didn’t spend any additional time on this. Instead I focused my effort on removing the umbrella, which brought various other benefits, as I mentioned earlier 
