If you're just trying to compare what native Access will do with SQL data, then you're basically correct.  Native Access with linked SQL tables will suffer greatly at the hands of the Jet engine.

The only saving grace is the use of pass-through queries which will execute natively in SQL server.

I have done this personally with a "utility" pass-through query.  You can use VBA code to prepare a sql statement and then re-write the text of the utility query...and then execute.  It kind of works like a "black box" conduit back to sql server.

But for those interested in developing a UI with Access...you can't beat the use of the Access Data Project (ADP) introduced in Access 2000.  The new versions are even better.

I've used ADP's with great success to take advantage of the speed of UI development with Access forms and reports while leaving SQL server alone to handle data.

As long as all data manipulation is left to SQL stored procs, it's an absolute win+win for power, flexibility and speed to production.