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   sub reduce_whitespace { $_[0] =~ s/\s+/ /g }
...

   > black cat

use Benchmark qw(cmpthese);
use strict;
...
   ${ $_[0] } =~ s/\s+//;
}

Length of string: 1000
...
alias    151515/s    --     -34%
ref      228833/s   51%       --