For a practical example, you can try speed test on this page: https://www.lambdaphp.host/ (hosted with AWS Lambda). It does use external CDN for CSS framework (cdn.rawgit.com) so you will have to factor loading time for that as well[1].
Yes, PHP opcache and optimizations don't work since it gets cold started every time.
[1] Pingdom speed test results: https://i.imgur.com/9zg9l3g.png