Exports contain dumps from Merged and Instanced approaches, same viewpoint, same settings. Visible point count is ~4.4M. I’ve included 2 scenarios, where each point is rendered as a single triangle (4.4M) and as a full quad (8.8M).
Using Merged, this results in 8.6ms and 12ms respectively.
Using Instanced, this results in 17.7ms and 18ms respectively.
Both stats recorded with stationary camera.