A single StringBuilder is faster than 100000 + operator calls.
But 100000 + operator calls are faster than using 100000 StringBuilders.
If you're building one a single string inside a loop, StringBuilder is faster.
If you're building many strings (where each individual string has a constant number of parts so you don't need a loop), the + operator is faster.
So as you can see StringBuilder is faster by 3 orders of magnitude.
That's plainly incorrect. In your code, the StringBuilder version is O(n) while the + operator version is O(n^2). So the more iterations you do, the faster StringBuilder gets. It's not faster by any constant factor.
But when used correctly, the + operator is faster than StringBuilder.