Performance is better for sprites because you have all of your data contained in a single texture. Suppose you have 1000 sprites playing the same animation from a sprite sheet. The drawing process will look something like this.
Set the sprite sheet texture.
Adjust UV to show single frame of animation.
Draw sprite 0
Adjust UV's
Draw sprite 1
.
.
.
Adjust UV's
Draw sprite 998
Adjust UV's
Draw sprite 999
Using a texture sequence can lead to a worse case:
Set the animation texture.
Draw sprite 0
Set the new animation texture.
Draw sprite 1
.
.
.
Set the new animation texture.
Draw sprite 998
Set the new animation texture.
Draw sprite 999
G! Before you draw each sprite, you will need to set the rendering state to use a different texture, and this is much slower than setting up a UV pair.
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