Extreme performance degradation with ext4 barriers

Question

I'm getting very low performance with ext4 barriers enabled (the default):

sysbench gives me with barriers on:

File operations:
    reads/s:                      55.03
    writes/s:                     36.69
    fsyncs/s:                     11.99
Throughput:
    read, MiB/s:                  0.86
    written, MiB/s:               0.57

and off:

File operations:
    reads/s:                      188684.81
    writes/s:                     125789.87
    fsyncs/s:                     3.17
Throughput:
    read, MiB/s:                  2948.20
    written, MiB/s:               1965.47

How can I troubleshoot this?

uname -a: Linux aorus 5.15.0-25-generic #25-Ubuntu SMP Wed Mar 30 15:54:22 UTC 2022 x86_64 x86_64 x86_64 GNU/Linux.

The SSD is an HP SSD EX920 1TB.

The command line for the sysbench test was sysbench --test=fileio --file-total-size=16G --file-test-mode=rndrw --max-time=30 --max-requests=0 run.