In my experience, the fastest way for the server is that you only place <cfoutput></cfoutput> in areas containing variables, otherwise CF must scan everything inside the tags to see what it does and does not need to be translated for variables / functions.
Content overly wrapped in <cfoutput> also tends to create unwanted spaces that can affect documentation and downloads.
I donโt know if there are any reliable performance tests with the latest versions of ColdFusion that confirm my opinion, and I want to note that for performance ColdFusion is certainly more important than <cfoutput> in the right place (for example, query caching, caching content, scope variables, etc.).
source share