The only interpreted language that can compete with compiled for execution speed is Java
"Interpreted" isn't especially well defined but it would take a pretty wildly out-there definition to call Java interpreted! Java is JIT compiled or even AoT compiled recently.
it can be blazingly fast
It definitely can't.
It would still be blown out of the water by similarly optimized compiled code
Well, yes. So not blazingly fast then.
I mean it can be blazingly fast compared to computers from the 90s, or like humans... But "blazingly fast" generally means in the context of what is possible.
Port component to compiled language
My extensive experience is that this step rarely happens because by the time it makes sense to do this you have 100k lines of Python and performance is juuuust about tolerable and we can't wait 3 months for you to rewrite it we need those new features now now now!
My experience has also shown that writing Python is rarely a faster way to develop even prototypes, especially when you consider all the time you'll waste on pip and setuptools and venv...