People don't use Electron to get a js runtime, they use it to get a web-like runtime. Any javascript (including WASM) app can run without electron in either node or in the bundled runtimes that OSX/Windows/Gnome/Whatever has, but the point of electron isn't to write JS, it's to write web-like code. For that it requires a browser in a predictable version, which is what electron gives you (albeit at a high cost.)
But one thing I think is being missed here is that Lua, Python, and other scripting languages are just a lot more resource efficient than electron, in terms of runtime size, memory usage, cpu usage, etc. A very highly optimized Electron app like VS Code might outperform a more run-of-the-mill Lua app, but that's an outlier.
If you want to compare them then compare node.js or JavaScriptCore to lua. Or compare Electron with a lua runtime that has a webkit/chromium engine integration.
I don't especially like Electron, and sometimes like writing lua, but the two are not solving the same problem or competing in the same space.
Edit: What does LAF stand for?
The rest of the application, being in Java, will often means it will have your typical JVM high memory usage and slow startup times.
What is the material difference?
This editor could have been written in js and use the exact same libs for rendering. If it used one of the smaller js runtimes (like quickjs) I'm guessing it would have been similar in size and pretty close in performance.
I don't get why you are conflating using a certain language with bundling a full browser (like electron does). It's two completely different things.