Yes, but whereas the BIOS ROM used to be some tight code that made sure you had some memory that worked, then did very basic initialisation on the interrupt and VM controllers, display, keyboard and storage devices, loaded sector zero from the relevant disk and ran it, you can bet it's now bloated out with numerous drivers from hardware vendors and other unnecessary rubbish.
Very, very rarely have I ever seen time constraints in a spec for a piece of software, so the developer does it the easiest way to code, not necessarily the most sensible.
In the rush to overcomplicate everything we have also lost oversight. A developer working on a small software module that's destined for a BIOS might not consider the end-user impact of wasting a millisecond during boot up. He probably doesn't know how many thousand times his code is being called while the user twiddles his thumbs.

In the good old days, said software module WAS the BIOS.
