In practice I have not often seen this pan out - if you've got the most common case of a GUI app with tons of callbacks which update your UI in real-time, there isn't one algorithm to optimize anywhere, but instead you die a death of a thousand cuts because each callback will be marginally slower than what it would have been in C++.
Also, it's much easier to control allocations & system calls in C++ (or other native languages for what it's worth) than in Python - and in my experience preventing those is an even better pathway to getting frames rendered in less than 5 milliseconds (which is what you want to do if you have any respect for your 144hz-screen users)