http://bugs.winehq.org/show_bug.cgi?id=35561
--- Comment #3 from Alan W. Irwin irwin@beluga.phys.uvic.ca --- (In reply to comment #2)
see also bug 34865 which was resolved 'upstream' because the vendor used a different cygwin version not containing the 'experimental' APC patch (which ought reduce some performance bottleneck during creation of early threads).
I assume you got this bad APC result because you didn't try the "Hackish patch to fix APC problem" referred to above. Do you confirm the further MSYS2 mintty issue I found (where strace.log does not mention apc) when that Wine patch is applied?
I have very little understanding of that APC patch (it was written by someone else), but from my experience it it does appear to allow users to get much further with Cygwin intialization and now MYS2 initialization than previously.