Timing begins when selected "New Game" and ends when "Checkpoint" appears on screen.

The reason that I stopped the timer on the Checkpoint is because the demo can end itself if you don't get to the checkpoint around a minute of gameplay which I managed to do in this run as it somehow extends a bit of time when you get near the checkpoint quicker. I'm not sure when the level actually ends as it always seems to end the demo even after the checkpoint.

EMU: DuckStation 0.1-6937-gd45e218d.