Ocarina of Time is the fifth-most speedrun game (by total number of runs, with 6,316) according to Speedrun.com.
The two things — the Arwing and the speedrun record — aren’t necessarily related to each other.
The Arwing was also used for testing Link’s Z-targeting (lock-on targeting), a gameplay mechanism that made its first Zelda appearance in Ocarina of Time.
And the method that allows them to do this has also dramatically cut the world record time for Ocarina, one of the community’s most speed-run games.
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Ocarina of Time Any% speedrun in 16:58 by Torje [Former World Record]