
1.Microsoft has many backend processor servers for SharePoint Online. With SharePoint Online, certain page requests may actually end up calling multiple servers. You could end up with a matrix of requests between servers for an individual request.
Reference:
Introduction to performance tuning for SharePoint Online
2.Here’re the top six reasons that your SharePoint environment is running slower than expected.
(1)Structural navigation.
(2)Content rollup.
(3)Large images or videos.
(4)Customization (Code).
(5)Too many requests.
(6)Too many web parts.
Reference:
https://www.entranceconsulting.com/sharepoint-online-is-slow-5-ways-to-improve-performance-issues/
You could follow below article to diagnose performance issues with SharePoint Online.
Diagnosing performance issues with SharePoint Online
Use the Page Diagnostics for SharePoint tool
3.
Reference:
SharePoint limits
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