In KDE, and typcially on an intel processor, if the power is connected then switch happens to Performance, As soon as battery starts to get used or main line power gets disconnected balanced mode is activated.
Not sure how are you using, with power connected all the time or on battery.
In KDE System Settings > Power Management, there are typically 3 tabs that are available. On AC Power, On Battery, On Low Battery. Check what is given for your case.
About the sluggishness that you observe, yeah if you transfer $HOME directory to a magnetic hard drive from a SSD you will see a performance dip. A significant one that too. The reason for that are two directories $HOME/.config, aka $XDG_CONFIG_HOME and $HOME/.cache, aka $XDG_CACHE_HOME.
All applications, regardless of the DE/WM/Launcher will keep the configuration of the application, its settings in the $XDG_CONFIG_HOME. Since that has been moved to a sluggish hard drive, load time and closing time will suffer.
Most of the applications use the directory, $XDG_CACHE_HOME for writing and maintaining cache or temporary files. They should not, they should use the /run or $XDG_RUNTIME_DIR which ought to be mounted in RAM but dont. Well that is a rant for some other day. Since the $XDG_CACHE_HOME has been moved to a magnetic disk drive this will suffer, hence the operations and working of the application will suffer.
In a nutshell you will face degradation the moment you move $HOME to a magnetic drive. Magnetic drives ought to be used when there is a massive data set to be read from it and very very infrequent writes. Think about keeping the entire dump of Star Wars, all avengers movies, all the songs of Taylor Swift, etc. Or you have tons and tons of legal PDFs which will be read only and not written to.
Magnetic disk drives should be used when there is a possibilty to reserving 16 GB or more of disk cache in memory. So if there is 32 GB of RAM, out of which 16GB can be used spared exclusively for a disk cache. Okay it will work with 8 GB too, but you catch the drift.
My suggestion, if the fiasco and debacle in Persian Gulf, was not ongoing, would be to ditch the magnetic drive and buy a new 4 TB SSD. Heard micron and Samsung makes great ones. If you want to save money and have a free SATA 3/6 port available then dont go for NVMe go for SATA.
Use the Magnetic drive for what it is meant for. A data dump. A Data backup. A OS image backup and so on. And offcourse for all the Batman/DC comics and Taylor swift songs. 
p.s. if you do find this useful, please consider sharing your Batman/DC comics along with Taylor swift songs over torrent. Jesus blesses you. 