EtreCheck does more than just check hard drive read and write speeds. It also runs a test here it creates and deletes a few hundred small files and directories. From the perspective of the file system, that's pretty much all that macOS does during the day.
The file system test is somewhat independent of mechanism. Back in the mechanical hard drive days, a good result on the file system test was 30 seconds. Modern SSDs can sometimes complete the test in under 10 seconds. Anything longer than 30 seconds is suspect. It was suspect a decade ago.
EtreCheck will terminate the test if it runs for more than 2 minutes. When this happens, it's an automatic "fail". Early Airs were statistically more likely to experience this kind of failure. Any kind of 3rd party system modification that does heavy file system work could be a potential culprit. There are a lot of those. I can't comment on any particular value or result because there is no way to tell that someone doesn't have 3 different AV apps, 3 different file sync apps, 2 app zappers, and 3 different "clean up" apps all running, in various states of disrepair.