best way to get faster result with async task

Hi,
I' have quite a long function which in first place needs to call a db to get results from one table for each word in a text. These results will be used to further process the words or text. I use various functions to do that next step. The whole result will then be returned to match the initial text with according changes.
My question is, which way would be the fastest.
- Run one async task with await for all the db calls and store results in a dictionary and then run each function asynchronously (with await for each) to process the outcome from db.
- run all these steps within one asynch task in the pattern of: for each word run async function db call, processing 1, processing 2, aso...

What do you think or do you have some experience with a similar project? Please keep in mind, that this will also be used for text of up to a few thousand words.

Thanks in advance,
Pascal