News High-end external GPUs still suffer a performance hit — OCuLink tests show up to a 23% drop with an RTX 4090

TB5 only has a PCIe 4.0 x4 link so its performance at best will match the current OCuLink implementations. It is possible the overhead from other bandwidth reservation will impact maximum throughout like it does in TB3/4 though there is more excess bandwidth on TB5 so it should at least be better.

OCuLink can go up to an x8 link width, but this would be much harder to implement on a mobile platform.
 
Thunderbolt 4 is limited to 40 Gb/s, whereas OCuLink enables a bandwidth of up to 64 Gb/s. That's a whopping 60% increase.
Thunderbolt 4 is not 40 gbps. You only get 32 gbps tops—the same as 4 lanes of PCIe 3.0—after accounting for overhead. Many hardware manufacturers and writers quote 40 gbps, but that erroneously lumps many other things sharing the line including the bandwidth for non-data purposes—video.

With Thunderbolt 5, OCuLink 4i at PCIe 64 gbps could lose its advantage as bandwidth could be boosted to 150% in a single direction for read-intensive or write-intensive operations. The one remaining advantage it’d have is the possibility of an 8i connector for 128 gbps. But it’s going to be a dead-end connector unless a PCIe 5.0-based OCuLink standard is released. Another doubling of Thunderbolt’s speeds will render OCuLink irrelevant.
 
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TB5 only has a PCIe 4.0 x4 link so its performance at best will match the current OCuLink implementations. It is possible the overhead from other bandwidth reservation will impact maximum throughout like it does in TB3/4 though there is more excess bandwidth on TB5 so it should at least be better.

OCuLink can go up to an x8 link width, but this would be much harder to implement on a mobile platform.
It's a matter of willingness to make the x8 External Connector and getting enough LapTop/MoBo manufacturers on-board with it.

https://sg.news.yahoo.com/theres-naming-scheme-future-pcie-162644788.html

PCI-SIG has announced "CopprLink"
But it's in development with a target spec release date of 2024 for PCIe 5.0 and PCIe 6.0 Internal and External Cable Specifications