Two threads in !OpenAdatper12 spending ~1.5M cycles per second. Two threads in !recalloc spending ~256K cycles per second.
As shipped, this is no longer a single executable, it is a collection of 230 files, totaling 10.5MB, about half of which are bytewise duplicates, and another significant chunk have overlapping responsibilities, between the icon fonts and png icons.
"Software bloat is a process whereby successive versions of a computer program become perceptibly slower, use more memory, disk space or processing power, or have higher hardware requirements than the previous version, while making only dubious user-perceptible improvements or suffering from feature creep." -- https://en.wikipedia.org/wiki/Software_bloat
I'm not aware of any substantial new features. It uses a new renderer, but this does not produce a significant observable difference from the previous one beyond using more memory. It supports dark mode.
Don't forget what Notepad.exe truly is -- a testbed for new technologies. It's not "just a text editor" to Microsoft.
It also describes a very real thing.
While there are a lot of things that everyone would agree counts as "bloat", there are also areas of disagreement in the form of "one person's bloat is another's essential feature".