Look in System Information.app. Is the drive connected as USB or Thunderbolt/PCIe?
- Look in the USB tab for USB devices. Check the USB connection speed of the USB device and any parent USB hubs.
- Look in the Thunderbolt tab for Thunderbolt devices.
- Look in the PCIe tab for PCIe devices (NVMe) that are connected using Thunderbolt.
A Thunderbolt device should be able to do up to 2500 MB/s.
A USB 10 Gbps device should be able to do 1060 MB/s (or slightly less when using USB controller of Apple Silicon Macs)
A USB 5 Gbps device should be able to do 450 MB/s (or slightly less when using USB controller of Apple Silicon Macs)
It seems like the device might be connecting as USB 5 Gbps in your situation because Apple Silicon Thunderbolt ports are not as good as Intel Thunderbolt ports.
https://forums.macrumors.com/thread...ally-10gb-s-also-definitely-not-usb4.2269777/
To get USB 10 Gbps, you may need to insert a USB 10 Gbps hub or Thunderbolt dock/hub.
To get Thunderbolt PCIe speed, you may need to insert a Thunderbolt dock/hub.
Thunderbolt 3 dock/hub might be best to avoid USB tunnelling with Apple Silicon Mac's USB controller. You can avoid USB tunnelling to a Thunderbolt 4 dock/hub if there's a Thunderbolt 3 device between the Apple Silicon Mac and the Thunderbolt 4 dock/hub.