That's true, and while Valhalla will help close the gap, it is important to understand that Java's goal is not to be the fastest language, but to be the language where it's easiest to get to 95% of full performance potential. I don't think any other language achieves that as well as Java. The question, then is how much you're willing to pay for that extra 5%.
In other words, for every Java program X, there exists a C/C++ program Y that's at least as fast. But is the cost of writing Y worth it given the particular performance benefit? The reason Java is so popular is that the answer is very, very often no. And remember that the lower Java costs are not just in the "coding costs" of writing and maintaining, but also in observability. These days, thanks to the Java Flight Recorder, Java gives you unparalleled insight into what your application is doing for very little overhead.
