Some cup-and-cone bbs did have O-ring seals so there was a small amount of drag too. As to durability a good quality (empahsis on "good quality") cup-and-cone bottom bracket can be very smooth and durable if adjusted and maintained properly. In that regard it's probably a bit superior to most cartridges but it cannot be installed improperly or neglected or all bets are off.

Cartridges may have slightly more drag and may be slightly heavier but their convenience is unmatched and good ones can last for a very long time.