As a point of reference "warmed up" compilation for me still takes ~1minute. Bearable for general work, horrible for quick tweaks or UI-related work.
Elaborating the hardware (systemverilog) I'm working on (about a year of work from scratch, nothing fancy) takes 8 minutes.
The full build to a bit file that can be loaded into hardware is an NP-hard optimization problem, so as your design approaches the limits of either the desired clock speed or the amount of space in the chip, it can become very slow.
Placing (not routing!) takes around 24 hours since we need to run in a larger environment than just the block level to get realistic timing reports
I've splitted a 20k+LOC Rust project into multiple crates and compilation time improved a lot (still slow compared to other languages) but it's now manageable.