For SSOM, no HTTP request in sent in that particular example. It accesses the object model directly via the SharePoint binaries.
CSOM may indeed be faster as it is loading fewer properties. As you're probably familiar with CSOM, you need to request (many of the) properties in order to view them, otherwise it only returns a minimal set. SSOM, on the other hand, not only includes all properties that CSOM has access to but additional properties that are server-side only which CSOM doesn't have access to.
All-in-all it depends on scale. If you're parsing every Site Collection or every SPWeb in a farm with tens of thousands of sites, in SSOM that may be quite slow or you need to think about multi-threading and so forth.