I ran some benchmarks, comparing bulk queries against standard queries + pagination, (using version 2025-04, so group objects was not yet available), and depending on the Shopify plan of the store, running standard queries were between 1.2x and 2x faster (for the standard limit and the Shopify plus or above limit respectively).
Additionally, bulk queries have a bunch of limitations, they only run on types that implement node, can only have a limited amount of connections, don’t accept variables, and more.
Given this, when does it even make sense to use a bulk query?
Also it depends on how many items you are looping over. Stores vary in size and scale so the performance of the standard queries compared to bulk will vary across these.
Looping over the pages can lead to timeouts etc depending on your application architecture