[wander_homer]

Yes, it's simply using stat on every file/folder. There's probably some room of improvement there with clever parallelization, but it'll remain a bottleneck.

Everything is parsing a file called the MFT to build its index. This much more efficient but unfortunately this file only present on NTFS volumes, which makes it super useful on Windows systems, but not so much everywhere else.

Another benefit you get on Windows is the USN journal, which allows Everything to keep the index updated much more efficiently.