@MickeyDawson You should take a look at the document I linked to as it describes in detail how VRRP is implemented when running MX warm spare.
In the event of a hardware failure, the spare MX waits 3 seconds (misses 3 VRRP advertisements from the master) before becoming active. If the primary MX changes its VRRP priority to indicate its uplink is down, the spare MX immediately takes over.
Once the spare becomes active, that's where I'm saying you'll likely see sub second failover. But as you can see from the doc and the above, even in a hardware failure scenario, you're looking at 3-5 seconds failover time. It's very quick.
MRCUR | CMNO #12