As far as the recording speed is concerned, it's not going to be the conversion alone, as the camera will have converted to JPG anyway for the back of the camera screen display and for embedding in the RAW file (OK not necessartily the highest quality):
it sounds like the buffer is writing in parallel when writing both RAWs (sending the data to both cards at once).
Thus from one central buffer sending the data to card 1 using one interface chip (or portion thereof), and via a separate interface chip (or portion thereof) sending the data to card 2.
Both interfaces control the handshaking (data sent, received OK, data written OK, next data block sent etc).
Thus except for the initial command to send the data to two cards instead of one, any minor delays as the two interfaces conflict when tryiing to read the same memory area, and any differences in the card write speeds, this is practically as quick as writing to one card alone.
When storing RAW + JPG this sounds like a serial operation - the data is written form the same memory area/buffer as above to one card, and then from a separate memory area/buffer to the other card as JPG.
Although the JPG is smaller than the RAW file, there is still enough data to write, and this would explain the practically halving of the throughput.