I think there are multiple phases in the evaluation of libraries, some most likely are cached (the parsing of the JS files, for example) but the execution itself isn't (so every define() you see actually runs the define function every time and when you require it the inside gets evaluated, etc... ).
So i'd say it's a "warm" (not hot) start. There's not much info on this and it might be wrong and it's mostly based on empirical evidence, some knowledge about NS...
I think for the full SCA code, the evaluation of all the libraries code takes about 200ms of execution for example, on a warm run - which also includes for example reading configuration (which is a query to a record, but that also is heavily cached by NS)