I suppose if you setup everything very carefully you can make it fault over and over again without giving it the time to execute any instruction.
Without looking into the specifics, I think it's very possible that the CPU is not actually executing any instructions, just waiting for the MMU to get a hold of itself. After all, in order to simply load the instructions you need the MMU to be responsive (or deactivated I suppose, if there's such a thing as no-MMU x86).