It also has a lot to do with the fact that the Pinephone CPU is underpowered compared to anything from 2020 (or almost anything from 2015, really).
It's only slowed down by storage access speeds mostly.
https://www.youtube.com/watch?v=LdKNugT-mTQ
And this demo is purposefully using both displays at once to stress the device more. With single display mode there's less demands on RAM, and more bandwidth is available to CPU.
However, I would question whether uBlock Origin degrades performance – my own experience running Firefox on low-memory platforms like netbooks and the Raspberry Pi suggests that is not the case. Yes, addons use some amount of RAM, but if they prevent the device from loading a modern advertising-based webpage where the ads and analytics run into the many megabytes and the useless Javascript is CPU-intensive, it seems to work out as a net benefit.
For example, compare Twitter or Facebook to their recent SPA rewrites in React. I can't use either without sacrificing GBs of residential memory. Loading anything on those sites now requires many more CPU cycles than they did before.
On a typical website all of the analytics are causing page bloat.
Sometimes there are frameworks like bootstrap but hypothetically those should be cached.
If you are looking at a web application then it has a framework that is a magnitude higher and the rest of it you see a significant increase.