Baseband is generated at a low sample rate because the information bandwidth is narrow. The converter runs far faster, because it has to represent the carrier. Digital up conversion bridges the two: interpolate the signal up to the converter rate, then mix it to the carrier with a numerically controlled oscillator.
Down conversion is the same sequence reversed. Mix the received signal down to baseband, then decimate to the rate the demodulator needs.
The mixing is arithmetically trivial; the rate change is not. Every interpolation stage creates images and every decimation stage risks aliasing, so each is paired with a filter. That chain — not the multiplier — is what consumes the logic and the power.