Indeed, the overhead does seem to come from the Win32 window creation. Interestingly the allocation of a new window every time the clipping changes, was introduced in dc801b9831f990c5b9e61da93c258404820b2b38 to "avoid stale notifications". Now I stared at all the code for almost two hours and don't yet get what notification could be outdated. Maybe this is not relevant any more?
I will gladly refactor the code to allocate the Win32 window only once but I guess some hints could be helpful to not fall into traps that have been fixed some 11 years ago...