There's more to it than that, but that's a pretty big factor.
The other two main things:
Windows is full of bloat/malware garbage that spies on you and does shit you don't need, and it gets harder and harder every year to figure out how, or even if you can strip this garbage out...
And all of Windows is a jumbled mess of 30+ years of spaghetti code at this point.
New versions of windows are not like ... ok, we're gonna refactor everything, build it all again from the ground up in a more efficient way.
More like a snowball that rolls through snow and mud and sticks and dead leaves.
Miracle it hasn't collapsed under its own weight at this point, what with so much work being done by temp contractors who have no singular consistent approach to anything, who tend to either not document things at all, or very poorly.