Pico 4 poor performance compared to Quest 3

I've been testing various settings and streaming apps on the Pico 4 as well as the Quest 3 today and seem to be getting much worse performance on the Pico 4 on the same system (5900x, 4090, 64gb RAM).

I seem to be able to run the Quest 3 absolutely maxed out with mostly 120fps (200mbps bitrate in Airlink / 1.5x SS / Ultra video settings with AA at Cinematic and no upscaling), while the Pico struggles to hit 90fps beyond medium video settings.

Worth mentioning Im getting some very occasional dropped / buggy frames here and there with the Quest 3 but otherwise its super smooth.

Not sure if its a bug with the Pico 4 or if its down to the slower chip in the headset. Either way I wouldnt expect the performance difference to be so big.