Yea, there's always been a little bit more delay. The problem with comparing the Terminal to conhost (the vintage console) is that conhost was _nothing_. It was a dead simple window that drew to a GDI surface. There was basically no other UI to initialize.
With the Terminal, we've got to instantiate a XAML Island to host the WinUI content. That's unfortunately not as lightweight as _instantiating absolutely nothing_. It's something we're working with the WinUI team with pretty aggressively, because it impacts everyone who wants to use WinUI.