It looks like Font Linking is really the problem in this case...
But to be honest, I do not consider this a "tiny" slowdown, it's pretty hard imo.
I have saved the current $ticks value 3 times, before the displaying of the text, after the first 100 lines and after all 200 lines.
Then I was able to calculate the relative time needed to display those lines.
While the first 100 lines needed 125 ticks, it took 4031 to display the bold-utf8-lines.
Also, many other processes (as I already mentioned copying and scrolling as most important ones) are slowed down. (not just slightly, but strongly delayed)
I've asked 3 other mirc-users if they can reproduce this slowdown before I have posted here. (one of them has been tonyp)
Everyone affirmed my observance, after re-asking one of them, I was told about 5-7 seconds.
Anyway, I'm going to disable font linking so far since I do not think it had any use for me at all.