Yeah it's 2:01 off your run. But the fadeout in the menu takes a little under 1 second so you might want to take off 2:00 instead. I'm thinking about timing everybody else's runs from the moment the training mission fades out completely, since that seems to be a little closer to the time it takes to select the level in the menu. It'll add 1 second to each run but it'll be closer to the time of the level selection.
Your Mainbar: