Compared to NMG, where S&Q is banned, Any% saves roughly this much time in these spots:

Beach Key 21s (add 2s if you get the game over potion)
Mouse Chest 1s ¤ Fish Heart 1s Thunder Ring 13.5s Early Magical Saber 8s Lion 9s Bird 9s

TOTAL: Anywhere between 1:00 - 1:05. This depends on game over potion and how well you execute certain parts in NMG (ex: how fast you create the Magical Saber staircase to get out if you get it early).

¤ could skip this chest to save much more time, but would probably end up losing time getting this money later.

There might be other possible uses that I missed, but this provides a nice baseline to add to as far as timesave goes.