great link! but doesnt really answer my question 
Might be related to the recent rather stupid changes which have killed performance on things using banking, even relatively light banking.
Level 2 is over 10x slower than the first level here too (just manages to keep over 100% tho) The 3rd level showing in the attract mode is even slower, and does't.
Use an older version, there is some f*****g awful code going into the MAME core as of late which is causing severe performance issues across the board, even on what SHOULD be simple cases.
(this is just as frustrating for me as a developer because it means I'm having to hack around core functionality, or, in some cases am seeing unavoidable and absolutely awful performance in drivers I'm working on which aren't doing anything especially out of the ordinary)
Aaron might not be in charge anymore, but his legacy of some incredibly *bad* code still lives on.