Ideally, you should not be in this situation where you have to compile large amounts of code to go through the code-test-debug cycle.

Even in a large project, there should be subysystems that a developer owns and works on that can be partitioned or isolated from the rest, and execute within a test harness on a dev machine -- a harness that feeds the subsystem inputs and records outputs.

Successful projects either begin with or evolve to a state where they have the architecture, the toolset, the process and the culture to allow devs to enjoy a fast code/debug cycle.