I am echoing this old issue: https://entityframework.codeplex.com/workitem/2686
There's a huge performance issue when querying a table containing varbinary(MAX) columns with .ToListAsync(). The problem is EF, despite the presence of varbinary(max) column, uses CommandBehavior.Default with ExecuteReaderAsync(). (instead of CommandBehavior.SequentialAccess)
Ado.Net team warns about it. I've made some investigations about this, and I notices a factor 8 between ToList() and ToListAsync() performances.