In my very limited experience with my 5400rpm SMR WD disk, it’s perfectly capable of writing at over 100 MB/s until its cache runs out, then it pretty much dies until it has time to properly write the data, rinse and repeat.

40 MB/s sustained is weird (but maybe it’s just a different firmware? I think my disk was able to actually sustain 60 MB/s for a few hours when I limited the write speed, 40 could be a conservative setting that doesn’t even slowly fill the cache)