System calls in Linux are really fast. So saving "thousands" of system calls when /etc/localtime is in cache doesn't actually save that much actual CPU time. I ran an experiment where I timed the runtime of the sample program provided in the OP, except I changed the number of calls to localtime() from ten times to a million. I then timed the difference with and without export TZ=:/etc/localhost. The net savings was .…
Yeah, this is a perfect example of micro-optimization being unnecessary. Not only will you not see performance issues from this in the real world, it might cause problems down the road, because since it isn't set by default this way, some apps may not expect it and behave erroneously. But it's neat information to have in the back of your head.
As just one example, what you're stat()ing over NFS with a busy, flaky and/or distant server? A bit of thought and you'll come up with a bunch of other times it suddenly starts to matter.