This level has a lot of skips and time-saves. One route I didn't really try is blue key before yellow.

The yellow key can be obtained from a secret area with a jump. Found this pretty annoying to get but it saved a ton of time and was the main reason I did yellow key before blue.

For puzzle room leading to blue key you simply press the last switch up high on the wall from below to open exit teleporter. You can also drop elevator on way to blue key to save a bit of time.

I chicken out towards the end and grab a soul sphere which costs a few seconds. Am sure this can go below 2 mins.