Actually, ToT has a high maximum hourly capacity (more potential throughput than most rides at HS, and more throughput than a significant number of rides at the other parks). Despite how they make it appear when loading, there isn't just one car per elevator shaft that gets loaded, dropped and then unloaded. At maximum capacity, there are actually 8 cars (4 cars of up to 22 people each per side) running at any given time. So because there's a car loading while another is unloading, and another is in the pre-drop show section, and yet another car is in the drop shaft, the ride is constantly running in a loop, and doesn't actually pause for loading/unloading which makes it very efficient.
Long pre-COVID waits were typically due to the ride not running at maximum capacity (like when half the elevators were shut down for the recent refurb, or something's broken, or Disney is just being cheap and doesn't want to pay to fully staff and run it), and nothing to do with the ride's potential throughput rate.