I am new to profiling with chrome dev tools. I want to find out if/how much of a perf hit css variables are, so want to compare the same page with server side preprocessed css vs css variables.
In the chrome dev tools profiler I see activities like parse stylesheet, paint, etc. Any advice on which profiler activities to focus on when comparing preprocessed css to css variables?

Style Calculation is the thing you're looking for. However, variables have little noticeable impact on performance. It would essentially be a map lookup internally which is extremely quick.