Whenever one needs to access lists of values data in the configuration, note the of the business components defined on the S_LST_OF_VAL table, Picklist Generic is cached while List Of Values is not. The impact of this is that repeated queries to Picklist Generic will be served from the memory of the Object Manager, whereas queries to List Of Values will always hit the database. So for improved performance be sure to use Picklist Generic in your configuration, not List Of Values.
Caching behaviour is controlled by the business component property Cache Data: when this property is set to true then the database is only read once for a given query. You can see in Object Explorer that Picklist Generic has Cache Data set to true, while it’s false for List Of Values. This configuration allows the List Of Values BC to be used for managing LOVs, where it’s critical to always have the current database values, while Picklist Generic can be used where performance is more important.