For posterity, I've put the benchmark code and results from my previous email here:

https://gist.github.com/flavorjones/4875b772b7517185913bded8e18b1ed5

In case I didn't make it clear, using Nokogiri's Document API is faster than Builder and (unless you have benchmarks showing something else) I still recommend using it over rolling your own templating solution.

On Thu, May 18, 2023 at 8:24 AM Peter Hickman via ruby-talk <ruby-talk@ml.ruby-lang.org> wrote:
So far building it by hand is no faster than using builder. Which I'm going to see as a plus for builder because it sure is easier to read

I think that the real issue is building a big string piecemeal is where the time is being spent 
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