Check out https://github.com/lqd/rustc-benchmarking-data/tree/main/res... and the other benchmarks in that repository for some data on how real world crates compilation times are spent. You'll find that backend code generation and optimization dominate most crates compile times. There are a few exceptions: particularly macro heavy crates, a couple crates with deeply nested types that hit some quadratic behavior in the compiler. But overall, the backend is still the largest piece.