I have got some data for you guys, I think it really shows how performance has been mullered with this stuff in the workloads where it hits hard.
So my 2nd rig which has often been running VMs as a reminder, here is the history of it.
Intel i5 750 running ESXi (no mitigations)
Amd 2600x running ESXi
Amd 2600X running proxmox with mitigations=off in kernel. (yes AMD is affected as well).
I have a benchmark app called novabench I was running.
It saves test results, all the results are from the same windows install in a guest. Note I do think proxmox is generally much snappier than ESXi, although I know a fair chunk of it will be down to mitigations=off, how much I dont know, but I will reboot proxmox later with mitigations enabled and retest.
The drive hosting the image has changed over time though so ignore the overall score and just look at cpu/ram.
I picked the highest 2600x ESXi score for comparison which had XFR enabled and ESXi tuned for performance.
Ram score is lower now as I had to downclock ram when installing extra 2 dimms. The cpu score however has a crazy jump.
If this turns out to be mostly just a proxmox boost vs ESXi
I will delete this post in shame and post it in a proxmox vs ESXi thread instead maybe.