To fully optimise you need to optimize 3 segments.
segment 1 - connection between visitor and CF edge server i.e. CDN cache/CDN cache control, Cache Rules, WAF, Firewall, Page Rules, Mirage, Polish webP, HTTP/2, HTTP/3, CF Workers (i.e. custom/advanced caching) etc. Cloudflare CDN level caching effectively reduces your origin server resource usage loads for CPU/Memory etc as request load is offloaded to Cloudflare CDN edge servers in an Anycast manner to the closest CF datacenter to the visitor.
segment 2 - connection between CF edge server and your origin i.e. TLSv1.3 origin server support, Argo, Railgun, Full SSL/ECDSA SSL certificates origin served, pre-compressed/dynamically compressed gzip and/or brotli encoded asset served from origin, Tiered Caching and Cache Reserve eventually once out of Beta (right now TTFB ends up slower with Cache Reserve beta enabled).
segment 3 - your origin server’s performance/optimisations i.e. web server, PHP, MySQL server optimisations and server hardware specs. Origin server side caching, PHP Zend Opcache caching, MySQL’s various buffer caching and various other origin server side caching can also be used.
Cloudflare can only help for segments 1 & 2 for cached guest/non-logged based visitors will easily scale. Now for Cloudflare CDN cache miss/bypass and logged in user for web apps like forums/wordpress, performance will be determined by segment 3. Which is the default with Cloudflare as dynamically generated HTML pages aren’t cached by default so cache miss means, whatever performance you have is measuring your origin server’s response time.