The moment I start Ctrl-P in Vim, it takes about 20 seconds just to index and then when I began to type, the letters I type appear really slow and it takes ages for it to actually type out the whole word. Same when I delete a word by hitting backspace.
Command-T is, I would say, 40% faster for me but there is the same lag when typing/backspacing.
Luckily CtrlP gives you a bunch of ways to accelerate the whole thing. See `:h ctrlp`.