Redirection from file was about 10X+ times faster than using cat and this was done with my heavily loaded bash environmet which makes $() not su efficient.

#!/usr/bin/env bash
 
file=/tmp/hi
cat_file(){
  cat ${file:?} >&2
}
 
redirect_file(){
  contents="$(< "${file:?}")"
  echo "${contents:?}" >&2
}
main() {
  echo.log "Wrote to file [${file:?}]"
  date > ${file:?}
 
  benchmark 100 cat_file
  benchmark 100 redirect_file
}
 
main "${@}"

Benchmarker finished for [cat_file] args=[]

Metric(millis)(millis)
Min10.645
P50 (Median)11.233
P9011.474
P9521.589
P9921.856
Max22.075
Total118117.724
Iterations100

Benchmarker finished for [redirect_file] args=[]

Metric(micros)(millis)
Min310.031
P50 (Median)320.032
P90340.034
P95380.038
P99490.049
Max970.097
Total3,3503.350
Iterations100