Ah good catch, I hadn't even noticed that custom identifier there (it would help if the OP mentioned it...). Looks like it could be something like
alias _regsub var %a | !.echo -q $regsub($1,$2,$3,%a) | return %a
Adding this alias still doesn't alter the results in any way: 6.16 is just a tiny bit faster.
And walah, you found the problem. I didn't even think about how I pasted my _regsub function to my clean mIRC copies, silly me. My _regsub function is similiar to the one above, except I was using a ".timer 1 0 unset %a" (not realizing that u can make it a local var when used with $regsub). The timer is what slowed it down in 6.17. So this is the same timer bug that Khaled currently knows about. All that can be said for sure now is that a timer used in my code slows it down about 3000%, hopefully this is fixed soon.
Thanks for helping, and sorry I made an unconfirmed bug report. I'll be more careful in the future.