Particles are much more lightweight than full-fledged game objects. So using the standard particle system (or even better: visual effects graph) will likely get better results than trying to build your own particle system based on game objects.
However, if you want to use particle systems in a way which is not just cosmetic but actually affects the game mechanically, then you are trying to fit a square peg in a round hole, and will pay the performance tax for that.
So while it might be feasible to make each bullet a game object with an attached particle system, it might not be such a good idea to try to make the bullets themselves particles.
And by the way, if you want to create a game with a large number of relatively simple objects, then that might be a perfect use-case for the new Entity - Component - System architecture of Unity. The whole feature is still not really production-quality, so dealing iwthwith it can be rather frustrating at times. But if you are brave enough to handle it, it can give you amazing performance.