I've always wondered this and each time I've played Ocarina of Time it sure seemed like it. Jack from Red Letter Media finally settles the question.
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That's cool. I never really knew that it was faster. I just knew that it occupied my attention better if I had a long way to run.
It always seemed faster but yeah, it was also something else to do on the way.
I'm like 90% sure you had to roll during the biggorom sword run to beat some of the timers. But damn that was so long ago. I can't quite remember. Maybe you just ride epona?.... I dunno