Yes, the traffic between the device and hub is at low or full speed, but because of the split transactions, the host doesn't have to wait for the transactions at lower speeds, and that frees up high-speed bus bandwidth for other things, and as a result, the host might be able to reserve more bandwidth for transfers with the low/full-speed device.
For example, with direct connect to the host, you have:
Low/full-speed Setup stage to 1.1 device, wait for completion
Communicate with other devices as needed
Low/full-speed Data stage to 1.1 device, wait for completion
Communicate with other devices as needed
Low/full-speed Status stage to 1.1 device, wait for completion
Communicate with other devices as needed
repeat
With a hub, you have:
High-speed Setup stage to 1.1 device, start split
Communicate with other devices as needed
High-speed Setup stage to 1.1 device, complete split
Communicate with other devices as needed
High-speed Data stage to 1.1 device, start split
Communicate with other devices as needed
High-speed Data stage to 1.1 device, complete split
Communicate with other devices as needed
High-speed Status stage to 1.1 device, start split
Communicate with other devices as needed
High-speed Status stage to 1.1 device, complete split
Communicate with other devices as needed
repeat
With that said, there is no bandwidth guarantee for control transfers other than reserving 10% of each frame for all low- and full-speed endpoints and 20% of each microframe for all high-speed endpoints. So if a design requires guaranteed bandwidth, better to use interrupt transfers.