TL;DR: It's not.

Once I managed to get the glitch working to its full potential on my own device, I started working through the game to get an estimate on how much time the glitch would save or lose over the course of a full game run. I'd also considered finding a point where one could take an intentional death to remove the glitch if and when it starts to bleed time.

Unfortunately, because of physics-dependant mechanics like the tracks and drafts in World 2, the glitch starts to fall behind very early on. But the biggest roadblock was in World 7. Because switching characters also ends the glitch, there are some 7-X levels that prevent its usage in the rest of the game. Since Worlds 2 and 6 lose so much time, and no time saves in 8 onwards are accessible, the blue glitch ends up being much slower.

I've included a link to my spreadsheet if you want to see my results, make suggestions, or try to improve some of the times yourself (a lot of my times are very rough with plenty of mistakes).

https://docs.google.com/spreadsheets/d/1lbk1oUmbteYqxszU83YOYUlAgiWkXtEUtu74k5_7CUY