Consider two applications: one (num. 1) that invokes malloc() many times, and the other (num. 2) that invokes malloc() few times. Both applications allocate the same
The answer is that it depends, most of the potential slowness rather comes from malloc() and free() in combination and usually #1 and #2 will be of similar speed.
All malloc() implementations do have an indexing mechanism, but the speed of adding a new block to the index is usually not dependant on the number of blocks already in the index.
Most of the slowness of malloc comes from two sources
Writing my own almost standards compliant malloc() replacement tool malloc() && free() times from 35% to 3-4%, and it seriously optimised those two factors. It would likely have been a similar speed to use some other high-performance malloc, but having our own was more portable to esoteric devices and of course allows free to be inlined in some places.