AirDrop always uses its Ad-hoc mode regardless of current network connection. Like all non infrastructure mode networks there is
a lot of overhead (computational overhead, contention overhead, protocol overhead, packet loss, etc)
Apple then does their security thing with two authentication checks (first is a glance, second is thorough) for the contact you are going to AirDrop with, sets up a firewall around the newly created network and encrypts all the data thats sent via 2048-bit RSA encryption.
Considering Wifi-Direct and other Ad-hoc system max throughput, 33 MBps isn't that bad (I could be wrong but isn't wifi direct 250 Mbps?).
This is my MBP sending my iPhone 11 a large single file (many smaller files have a lot more overhead) with the iPhone sitting on it.
View attachment 899020
476 Mbps
I wouldn't expect much higher than 20-30 MBps in more realistic use though. Wifi broadcast between two low power device is anemic at best. Inches make a difference in transfer rate and that makes the transmission more susceptible to interference. Wifi routers naturally broadcast and receive wifi signals 20-30x better just due to their hardware and design (exposed antenna arrays) plus they used 20-30x more power on top of that. Even with an iPhones wifi maxed its got a lot going against it when it comes to making an ad hoc wifi network.
Excluding security the priorities of the AirDrop protocol were latency to establish transfers and then throughput. If it doesn't work immediately people give up, I know I have. But generally it sees the client via an authentication process, establishing communication to authenticate the client thoroughly, establishes a wifi network, secures it, transfers the file, closes the connection all in a matter of seconds. For photos and small video transfers its perfect. Large files will admittedly leave you wanting more though.