But yes, I did benchmark this, even after reusing allocations, and I can't tell a difference. The benchmark is fairly noisy.
I agree with your conclusion, especially after looking at the input[1]. The strings are so small that the overhead of caching the UTF-8 decoding is probably comparable to the cost of doing UTF-8 decoding.
[1] - https://github.com/christianscott/levenshtein-distance-bench...