The difference between honor and conquest is 13ilvls which is a 13% throughput difference (according to ion 1ilvl is roughly 1% difference).
The gear gap is there, but it’s not as massive as it was in SLs where max honor gear and conquest was 23 ilvls appart. it also takes WAY less time to grind out.
I made a post back in shadowlands showing the difference between the honor requirements for gear in WoD and SL’s
https://us.forums.blizzard.com/en/wow/t/reduce-the-honor-point-requirement-for-honor-gear/1012213
The current gear gap is actually better than WoD’s where honor and conquest were 15 ilvls apart.
And the honor cost for a full set it 11025 less than WoD.