Not necessarily. Java can be insanely performant, far more than I ever gave it credit for in the first decade of its existence. There has been a ton of optimization and you can now saturate your links even if you do fairly heavy processing. I'm still not a fan of the language but performance issues seem to be 'mostly solved'.

"Saturating your links" is rarely the goal in HFT.

You want low deterministic latency with sharp tails.

If all you care about is throughput then deep pipelines + lots of threads will get you there at the cost of latency.