OBS is using your computer's CPU to compress (as well as run the game, and the software, and the stream, and...) while the Elgato has offloaded compression to hardware (that's what you paid for when you bought it).
Pretty sure the Elgato does NOT do any compression.
They also don't provide video device drivers for MacOS, so to stream from it using OBS you have to window capture the Elgato software, which WILL make it choppy since window capture performs so badly.
A cropped display capture will be a bit better.
Using something other than an Elgato if you're planning on streaming or recording on MacOS would be even better.
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