A simple technique to find the time taken to execute a piece of code is to toggle a pin and measure the pulse width using an oscilloscope. The code used to toggle pin takes some time to execute. To reduce that time, use techniques given in AN60630
Creator currently does not offer time stamped trace capability during debug.
This thread discusses a possible future release http://www.cypress.com/?app=forum&id=2492&rID=52192
For simple routines you can get accurate timing by counting instruction cycles using the *.lst file.
For more precision you could always enable a timer running at 10 Mhz,
100 nSec resolution, then disable and read it at end of code segment.