You should be able to see that loading performance on a "cold load" yes, but it's difficult to account for all network conditions. It's also possible for the multiplayer connection to take a little longer. I think if we messaged that more clearly then it would explain what's happening. We also considered just putting you in the game before you got the multiplayer connection, but that might be a bit jarring when it added all the players and entities in. We should maybe still think about it!
There's also a lot more room for loading optimization, I think we can maybe go 2-5x faster than what we have currently!