Definitely runs slower, as is to be expected given the OS changes and “old” age of the iPad 2.
However, I generally don’t use my iPad as the all-encompassing music making solution - I have my relatively high-end desktop DAW for that.
Most of the time, my iPad is being used as a single instrument or and/effect, and for that it seems to be working just fine.
I rarely, if ever, use it as a portable DAW -
that’s what big screens and MIDI controllers are for