The port on the phone Pro model supports transfer speeds up to 20 or 40 gbps, it’s just the supplied charging cable that is limited to USB 2.0 speeds. If you use a thunderbolt cable you will get full speed and a full feature set.
Edit: Seems like I was wrong; only the Pro models get full speed. That’s kinda shitty, yeah. Unfortunately still in spec, as the mandate is only for the form factor, not the protocol.