I wonder if the performance issues are again due to poor potential for vectorization, similar to the issue explained here: Comments in ResearchGate about Fortran - #5 by ivanpribec
A while ago I did some experiments with character validation routines (checking if a character belongs to letters, numerals, whitespace, etc.) and I was surprised to learn that with the right implementation the speed was very close to C++: GitHub - ivan-pi/fortran-ascii: Fortran routines for manipulating ASCII characters (future pull request to fortran-lang/stdlib https://github.com/fortran-lang/stdlib). Processing a sequence of 10 million characters, both Fortran and C++ could reach speeds of around 0.5 billion characters per second.
If you have any experience using the varying string type I would solicit your feedback on a recent pull request at the stdlib project: https://github.com/fortran-lang/stdlib/pull/320. A link to the mentioned comp.lang.fortran thread would also be valuable, if you can find it by any chance.