Both use the same secret sauce, albeit in a completely different technology : indexes.
Eudora uses the mbox format for every mailbox and folder which is basically a big file with all mails one after the other. If you check these files you see a smaller file with the same name and extension .IDX or somthing. This is an index which allows fast looking to where the individual emails start. Another smart move of Eudora is to remove the attachements fom the eamils which reduces the bulk of the mailboxes by an order fo magnitude, speeding up the managment in the process. This causes Eudora to be able to manage mailboxes with an order of magnitude more mails than most other clients.
Google is the master of indexes, they ahve been indexing the complete web for decades, so they applied their trade to your mailbox, allowing blazingly fast access to the mails because all relevant facts are separately indexed. They also have special technology to quickly retrieve documents like emails.