> It's very difficult to do low-latency queries if you cannot cache the compiled code

This is not too difficult, it just requires a different execution style. Salesforce's Hyper for example very heavily relies on JIT compilation, as does Umbra [1], which some people regard as one of the fastest databases right now. Umbra doesn't cache any IR or compiled code and still has an extremely low start-up latency; an interpreter exists but is practically never used.

Postgres is very robust and very powerful, but simply not designed for fast execution of queries.

Disclosure: I work in the group that develops Umbra.

[1]: https://umbra-db.com/