in reply to Re: More efficient way to truncate long strings of the same character
in thread More efficient way to truncate long strings of the same character

That would do needless work if a character is repeated only twice. You only have to modify the string is a character appears four or more times in a row. So, my suggestion is:
s/(.)\1{3,}/$1$1$1/g;
And in 5.10, use of the \K operator may be faster (but I haven't checked it)
s/(.)\1\1\K\1+//g;