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Maybe. Not necessarily like any other computer. Yes, the device has occasion to employ real CPU horsepower (e.g. changing font size). But most of the time this device is (should be) doing nothing more than waiting for a keypress between page flips and doing a memory transfer (from book storage to display memory). There is one more abstraction in terms of converting text (ASCII or other tokens) into e-ink graphics. But that would be best handled by a little chip somewhere, not software -- similar to hardware decoding video signals instaed of software decoding.
The OS here is firmware, not as complex as a normal PC. For instance, the drivers never change (except for firmware updates)! I don't see why it can't have instant-to-human-perception response to a warm start. It may only be a price constraint, like using cheaply-made software decoding instead of designing and producing an efficient hardware decoding chip.
In terms of software/hardware for a reading device I would also be surprised if a page-forward button did not ALSO load the following logical page into non-displayed memory ("page" of a different sense) for fast-and-brainless block transfer to actual display memory on the next page-forward press.
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