Registers asr22/23 contain a cycle counter that you can use to time stuff. If it's not present, there's a register in the DSU that counts cycles but that requires an access via the AHB bus. You can measure a lot of things with those cycle counters, like context switch and interrupt handling times, memcpy vs naive for-loop, linear vs. binary search on small arrays...

I'd expect a few microseconds per overflow at most but it depends a lot on the characteristics of the system. Of course, if the application is not sensitive to a few microseconds here and a few microseconds there that optimization might not be worth it.