Thanks to @Ultimater. This seems to work as expected:
const script = document.createElement('script');
script.src = 'data:text/html,id = 0;while(true){ if(++id==1000000) break;} window.test = 1; console.log("test defined.");';
script.onload = () => console.log('onload called.', window.test);
document.body.appendChild(script);