Hi,
Unfortunately we haven't tried the Trace plugin as Soby mentioned, for measuring the instruction count. However, there is certainly overhead in the Realm VM creation (compared to normal VM), w.r.t RMI calls (e.g., Populating Stage2 mappings etc). But I don't expect that to vary in such a large window! Might be a good idea to get insight from the Model team, we could check with them internally here in Arm.
Kind regards Suzuki