I don't know the async Python specifics, but from what I understand, you don't necessarily need async to handle large number of IO requests, you can simply use non-blocking IO and check back on it synchronously either in some loop or at specific places in your program.

The use of async either as callbacks, or user threads, or coroutines, is a convenience layer for structuring your code. As I understand, that layer does add some overhead, because it captures an environment, and has to later restore it.