Does not compare the Vic generations, but this from The Swiss Army Knife Owner's Manual (2011):
"Metal saws cutting through 1/8” galvanized steel rod: (non-current) Victorinox 4 min 18 sec; Wenger 4 m 22 s; hacksaw blade 3 m 37 s - barely better than the SAKs."
The new Victorinox metal saw is indeed a real cutter ! The manual could use updating.