Well, it's all depending on the type of system we're talking about, and where the bottleneck currently is.
Taking an Amiga 1200, for example, it's completely hobbled when it can only access Chip RAM. Adding some 32-bit Fast RAM makes a _HUGE_ difference. If you test an A1200 with an '030 card with 2MB Chip/0MB Fast and compare typical processing vs. an A1200 with the stock '020 but a 8MB 32-bit board... The one with the '020 and Fast RAM will win that fight most of the time. Of course, add a stick of Fast RAM to that '030 board, and then it's easily back on top.
So... For old school Amigas... Fast RAM helps. Faster CPU with on-board Fast RAM helps more. (But adding just a faster CPU, without giving it a 32-bit path to Fast RAM, doesn't help that much. [unless, as stated, you manage to fit all the instructions into cache, which is VERY UNLIKELY, as the '030 had something like 256 _BYTES_ of cache...] That is why most CPU expansions also include Fast RAM.)
More modern systems are a little harder to figure out. But, typically, you want to find the bottle-neck and increase that. (Sometimes it's the CPU speed, sometimes it's the RAM speed, and sometimes it's swapping a bunch, which means RAM size.)