Copy&patch seems not much worse than compiling pure Python with Cython, which roughly corresponds to "just call whatever CPython API functions the bytecode interpreter would call for this bunch of Python", so that's roughly a baseline for how much overhead you get from the interpeter bit.
There is no reason to use copy-and-patch JIT if that were the case, because the good old threaded interpreter would have been fine. There are other optimization works in parallel with this JIT effort, including finer-grained micro operations (uops) that can replace usual opcodes at higher tiers. Uops themselves can be used without JIT, but the interpreter overhead is proportional to the number of (u)ops executed and would be too large for uops. The hope is that copy-and-patch JIT combined with uops have to be much faster than threaded code.
