This seem like a long compile time for an AS, even for a large one. Are there any warnings in your compile/module driver logs? Do you have certain software packages Safety Matrix, PDM, F-System...etc?
I would recommend maxing RAM for your specific version of Windows. Do smaller AS projects take long times too? I would consider creating a dummy project through the multiproject wizard adding some CFCs and see how long a very small program with standard blocks takes.
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