It's not a fair comparison, GX4000/CPC+ range have a DMA sound feature that allows to feed the PSG with near to zero CPU cycles wasted. An Atari ST can also get cool effects with the same PSG thanks to its powerful processor and architecture
Sure, but that free time allows to display the demo itself.
The music only can run without DMA by feeding the PSG with the CPU.
The DMA speed allows higher frequencies; but sure, the CPU itself can send the data at a decent rate. The best algo I know is the ARTRAG's VIterbi-based one, the "Crystal clean" engine, I would love to know what's inside the GX demo...
It is a custom engine done by Overflow / Logon System for this demo.
4ch PCM "tracker-like" mixed to be replayed on 3ch AY.
The video run on an emulator, it is limited compared to the real system with stereo speakers.