Well, my experience with final cut slow has been quite different. But I guess YYMV. That said, FCP 7 is not from last century, but from 2009.
MC handles long sequences but the more tracks and effects in the sequence, the slower normal tweaks become. Again, when doing the tweaks, you can activate the playlength command so you can work. When you need to play back a long section, turn it off. One click.
Not trying to defend the way this works, but yes, most longform is done on MC and to the best of my knowledge most editors doing longform use this feature to make the software more responsive when trimming and tweaking.
Have you tried it, and does it help?