Partial preprocessing might be needed, however, in order to extract the proper font names for sorting and autocomplete.
Back when magazines weren't nearly dead, I did production for a few years. The very first issue I worked on, I screwed up an ad by using a newer version of the font - the leading tables were different and a text block wrapped when it shouldn't have, so the advertiser got a couple free runs.
Always turned off rendering in lists and menus where I could, because it was not useful, slow, and harder to read.
1. Optimize for rendering the on-screen fonts first, then fill in the rest after the user’s starting looking at them.
2. Cache the preview. If it takes longer to render the sample text than to load a png, save the rendering so you can load it again next time.
Which they could do, but it would take forever to see adoption in Windows culture, and Microsoft evidently cannot, just cannot, get their UI shit together.
A better solution for the use-case of selecting fonts by looks is a dedicated font selection dialog that shows both the font name and a customizable example text in the font, and also lets you control the font size and variant (bold, italic). Some applications do exactly that.