
Registers are still 16 bit but the MBASE register (+8 bytes) is prefixed and functions as a page memory pointer to max of 16MB

In Z80 mode, the BC, DE, and HL register pairs and the IX and IY registers function as 16-bit registers for multibyte operations and indirect addressing. The active Stack Pointer is the 16-bit Stack Pointer Short register (SPS). The Program Counter register (PC) is also 16 bits long. The address is 24 bits long and is composed as {MBASE, ADDR[15:0]}. While the MBASE register is only used during Z80 mode operations, it cannot be written while operating in this mode. Tables 1 and 2 lists the CPU registers and bit flags during Z80 mode operation.
Also the pipelining is very useful and can speed everything up. Max would be 3x, but when there is a jump, the next instruction cannot be read before the next pc is not determined.
The CPU pipeline reduces the overall cycle time for each instruction. In principle, each instruction must be fetched, decoded, and executed. This process normally spans at least three cycles. The CPU pipeline, however, can reduce the overall time of some instructions to as little as one cycle by allowing the next instruction to be prefetched and decoded while it executes the current instruction as displayed in Figure 2. The CPU operates on multiple instructions simultaneously to improve operating efficiency.