We routinely process TIFFs > 1gb in < 20 seconds. I would suggest looking at your server set up and making sure that either the Imagick and gmagick PHP extension is installed and available. gmagick is generally the fastest, but is in a perpetual "beta" state, so many prefer imagick. FWIW we use gmagick for everything.
If neither extension is install processing will fall back to one of several much slower options.