Look at how much code is written in Ruby and Python. Their method dispatches are way slower. To put it in perspective, it takes CPython about an order of magnitude longer to add two numbers together than it takes Objective-C to do a dynamic method dispatch.
When you get down to it, an ObjC message send performs a superset of the work of a C++ virtual call. A C++ virtual call gets the vtable pointer from the object, indexes into that table by a constant offset, loads the function pointer at that offset, and calls it. An ObjC message send gets the class pointer from the object, indexes into that table by a constant offset, loads the method cache information at that index, uses the selector to look up the entry in the cache's hash table, and then if all goes well, it loads the function pointer from the table and jumps to it.