Nios BSP Editor Linker Region Allocation for .text

Hi,

I have a Nios with a 2KBytes on-chip memory and its firmware image(.hex) store at external flash.

What is the difference between if I assign the .text linker section to "on-chip memory" and assigned it to "External Flash" ?

Which approach is much more better? Do I need to do some firmware handling in the NIOS if assigning .text to "External Flash"?

As I know that code will be executed more faster if in on-chip memory compare to external flash but it'll consume the memory block in the FPGA, am I understanding correctly?

Thanks advance in helping!!^^