I'm not aware of any metrics around WebContentsObserver slowdowns, but it's certainly plausible that it contributes to performance issues. It's possible the Catan team might have a better sense, or someone could pick this up as a project to measure.
For the time being, I'll suggest changing the current BFCache cases in RenderFrameHostObserver to use WebContentsObserver instead (which can probably be observed via existing RenderFrameHostChanged events?), and removing RenderFrameHostObserver for now. I'm personally open to the idea of adding a new observer type, but that should be reviewed at more of a design level first, covering some of the topics we've discussed here (as well as things like whether it should be RFHO vs DocumentObserver, or how it will scale to many use cases differently than WCO).
Also happy to hear thoughts from other content owners!
Thanks,
Charlie