To elaborate... the fps hit results from the contrails being made up of many hundreds of individual cloudlet particles for each individual contrail.
The fps-friendly mod (which is the way the earlier game versions did this back in the day) uses a different approach, based on a segmented line, where each line segment replaces potentially scores of particles. The result is far fewer individual elements to draw, lessening the graphical burden.
Furthermore, when lots of 'smoke' effect particles are being rendered with the conf.ini entry Effects=2, the frame rate is hit even more so due to every particle having shading applied based on the direction from which it's illuminated. Effects=1 does not have this shading calculation in operation, thus making for a faster frame rate--as well as not suffering the too frequent 'flashing' phenomenon when things are busy.