I just repeated your test, but got opposite results:
$ time /usr/bin/true
real 0m0.003s
user 0m0.001s
sys 0m0.002s
$ time /usr/bin/truth
real 0m0.001s
user 0m0.000s
sys 0m0.001s
I can't imagine for the life of me how an empty file could perform worse than an actual binary, but there's gotta be a reason.