Of course - what else would it be? The whole async trend started because moving away from each http request spawning (or being bound to) an OS thread gave quite extreme improvements in requests/second metrics, didn't it?
What I question is whether 1. Most programs resemble that, so that they make it an invasive feature of every general purpose language. 2. Whether programmers are making a conscious choice because they ruled out the perf overhead of the simpler model we have by default.
The original motivation for not using OS threads was indeed performance. Async/await is mostly syntax sugar to fix some of the ergonomic problems of writing continuation-based code (Rust more or less skipped the intermediate "callback hell" with futures that Javascript/Python et al suffered through).
It's all nuanced and what to choose requires careful evaluation.