Quick passing is treated as a virtue in itself, but the speed that disorganises a defence is the speed of the sequence rather than of any individual pass. Those are not the same thing.
Defences reorganise against the sequence, not the touch
A block slides in response to where the ball is. What matters is how long the ball spends in each location, not how cleanly it was struck.
Three one-touch passes that all travel sideways move the ball quickly and move the defence not at all.
A single pass that arrives behind the midfield line is slower to execute and far more damaging, because it forces a reorganisation rather than a slide.
One-touch passing removes the chance to look
A player releasing first time is committed to a decision made before the ball arrived, based on a picture that may already be out of date.
Taking a touch buys the fraction of a second needed to see a defender step out, and that is often when the forward option appears.
The touch costs time and buys information, and whether the exchange is worthwhile depends on how much pressure the player is under.
Holding the ball can be the accelerating action
A midfielder who carries the ball forwards a few metres obliges an opponent to step towards him, which is the same effect a quick pass was trying to achieve.
Once that opponent commits, the pass into the space he vacated is available, and the sequence has advanced further than three safe first-time passes would have.
Some of the most effective controlling midfielders are noticeably unhurried for this reason, and their pass counts understate their influence.
Pressure determines which is correct
Under immediate pressure the touch is a liability, and one-touch play is the only way to keep possession in a congested area.
With space, releasing first time hands the initiative back to the defence, since the ball arrives at a teammate who is also under pressure.
The judgement is therefore situational, and teams that mandate one-touch play everywhere end up circulating fast without progressing.
Rondos train both, if they are set up properly
A rondo with a touch limit trains release speed under pressure, which is a genuine and necessary skill.
Without a directional target, though, it also trains players to value keeping the ball over advancing it, since there is nowhere to advance to.
Adding a target player or a line to break restores the purpose, which is why possession exercises usually have a direction attached rather than being circles for their own sake.