I did some testing/watching over of VODs a while ago and it basically came to this:

XBOX (Can't remember if was OG or 360) has a total loading time of 4min 40s (This was based off of Chris' PB as of 07/09/2016 - the route since then has been updated)

GC has a total loading time of 7mins 43s (This was based off of Coel's PB at the same time period when it was the WR)

By this metric, XBOX saves 3min and 3s on GC, so we can assume that GC furthermore saves 3min and 3s on PS2 - I haven't timed it yet but I assume throughout the run, PS2 has about 10min 46s of loading screens (or maybe more)

Basically all this is saying is this: The PS2 is the slowest console to run on - its viable if you just want to casually run and see whats the best time YOU as an indiviudal on the console can get - but as others have mentioned if you want a top10/WR time you need XBOX (or at a push GC)

Emulators are accepted up to 1:50;00 - any quicker and they will be rejected