Yes, but presumably in those long pauses, a faster thinker would have time to consider more possible replies, make predictions on how the audience would receive them, and generally make more adjustments and improvements than a slower thinker.
In other words, faster cognition would probably help you formulate a slow, considered reply just as much as it would help you answer more quickly. That might be especially helpful in a public speech to a group asking unplanned questions.
I agree with freyr, though, that quality of cognition/ideation matters more than speed, and doubt that 'thinking speed' is necessarily correlated to better thought output.
Like IQ itself, faster basic cognition probably means something, but I don't think anybody knows what it means or how (or even if) it relates to "intelligence" (whatever that means).
In my personal experience, I have seen more great ideas and solutions come from "weird thinkers" than "fast thinkers". I realize that sentence does reduce to the cliche, "Think outside the box, bro," but it seems true over the course of all that I have observed in my own life.