Out of curiousity, why would a small kernel take a whole 200ms to start on a modern computer? Wouldn't it need to initialize some metadata for the memory pages, mount the filesystem, and try to launch an init process? I suppose there might be an ethernet driver and possibly something to pipe logs to ("stdout" for the VM) to initialize. Shouldn't that all take a few microseconds?
Or is all the slowness in the host preparing the resources? (as in QEMU and KVM?)