Optimized isn't really the right word for it, I don't think. Faster is the right word.
Earlier versions tend to run things faster by being less correct.
Optimization in PC games is generally a process of making code run faster by doing less unnecessary work or by better utilizing the available hardware resources, because running smoothly is a goal. Faster might be more optimal for our needs, but it's perpendicular to the stated aims of the MAME project, and sometimes actually contrary to it - we might call a 10x faster hack around something where you won't really notice a big difference more optimized, but from a preservation standpoint that's less optimized.
I say this just to give credit where due - the MAME codebase is quite highly optimized, just not for what our use case would most like it to be tuned for.
Your question is totally valid, and I don't have an answer for it other than "experiment and see".