Very interesting results.
If you try to change the access policy on a bugtracker instance it calls set_inherit and grant_permission on every bug.
This can be hundreds of objects. The first ones took 1-2 seconds per query as the page runs by the end the last objects take 1 ms.
It appears Postgresql is loading the tables/indexes into memory and as that happens to seems to help.
Maybe this is not a signifigant issue unless you try to issue hundreds of small queries in one submission.