I think, but I’m not entirely sure, that Linux can do the peer to peer DMA trick. One nasty bit on any OS is that, if a portion of the data being read is cached, then some bookkeeping is needed to maintain coherence, and this adds overhead to IO. I wouldn’t be surprised if consoles had a specific hack to avoid this overhead for read-only game asset volumes.
Also you're probably going to want to do multithreaded decompression anyway, and it'll be more efficient if you have the threads completing the reads do the decompression themselves. So in any case you probably want multiple threads handling the completion events.
With a sufficiently low overhead async API (ie. io_uring) you can saturate a very fast SSD with a single thread, but I'm not sure it would actually make sense for a game engine to do this when it could just as easily have multiple threads independently performing IO with most of it requiring no synchronization between cores/threads.