The debugger has a RESETCYCLES command which can be used to set the start cycle count to 0, that's what I did use.
Also the trace window is quite nice, open it ("open trace" in the command window), choose enable trace in the context menu and also go to Instruction mode (also context menu).
Then step or run through the function and you see where the cycles have been spent.
Alternatively, both the compiler and the decoder support to annotate the cycles in their listing file.
In case you are using the assembler, the decoder can be used. While this avoids that you have to lookup the instruction details, it does not actually add up the spent cycles.