I’ve been experimenting with different configurations. Below is my best result to date. I found that the ThunderBolt Bridge transfer is faster when reading from the Intel Mac than when writing from the M2 Mac. Overall, I would say that the performance is usable but disappointing given the theoretical ThunderBolt 3/4 speed of 40 Gbps.
Photos Library backup from M2 Mac mini to Intel Mac mini using point-to-point ThunderBolt Bridge
45.16 GB Photos Library -> 44.21 GB Apple Archive – 2:57 (on M2)
SMB transfer of Apple Archive – 2:03 (~ 360 MB/s, ~ 3 Gbps) (copy initiated from Intel)
Apple Archive -> Photos Library – 5:10 (on Intel)
Total transfer time: 10:10, Effective transfer rate: 74 MB/s
Hardware Setup
Mac mini 2023, Chip Apple M2, Memory 16 GB, macOS Sequoia 15.3.1, Source disk: Samsung 2TB T7 SSD connected via 10 Gbps USB 3.1 Gen 2 (via TB4 port on TB4 hub)
Mac mini 2018, 3 GHz 6-Core Intel Core i5, Memory 8 GB, macOS Monterey 12.7.4, Target disk: Samsung 500 GB SSD connected via 10 Gbps USB 3.1 Gen 2 (via TB3 port)
ThunderBolt Bridge, M2: TB4 port, Intel: TB3 port, ~3 foot TB4 cable, optimized SMB settings (but not multichannel)