Good idea.
And even if security updates are important, you can do the method above, and then reverse it when you need a security update, and repeat the process.
Example: clone APFS to HFS > use HFS until a security update > clone HFS to APFS > install security update on APFS > then repeat from the beginning.
Maybe not worth the effort to save a little time on booting, but I don't see why it wouldn't work.
I was thinking about doing this method for installing Mojave on a internal RAID0 for my Mid 2011 iMac.