To sum it up, updating particle positions and handling the physics is being done on CPU and there’s little you can do to optimize that.
On the other hand, rendering the particles is, of course, handled by GPU… and it can be made vastly faster if you’re willing to sacrifice a bit of quality.
Particles are usually quite low-res objects. If you were to render them in half the resolution, you’d make the rendering up to 4x (16x with quarter res) faster at very little visual cost if implemented correctly (theres a GPU gems article about that) You’d probably have to hack around and disable Unity’s particle renderer and render the particles as an image effect instead.