Quantum communication technologies show great promise for applications ranging from the secure transmission of secret messages to distributed quantum computing. Due to fiber losses, long-distance quantum communication requires the use of quantum repeaters, for which there exist quantum memory-based schemes and all-photonic schemes. While all-photonic approaches based on graph states generated from linear optics avoid coherence time issues associated with memories, they outperform repeater-less protocols only at the expense of a prohibitively large overhead in resources. Here, we consider using matter qubits to produce the photonic graph states and analyze in detail the trade-off between resources and performance, as characterized by the achievable secret key rate per matter qubit. We show that fast two-qubit entangling gates between matter qubits and high photon collection and detection efficiencies are the main ingredients needed for the all-photonic protocol to outperform both repeater-less and memory-based schemes.