Not quite 5 minutes for me but more than enough to slow adding coordinates to a crawl. I've Win 10 64, i7-5700HQ, 16GB RAM, and have both pix & catalog on a 500 GB Samsung SSD drive (about 40% free). It is an MSI gaming notebook that I bought & configured just for Lightroom CC (I don't game except for chess). If this hardware is slow adding GPS coordinates, I can't imagine how slow this is for others!
BTW, at the corner of Fulton & East River Bikeway just south of the Brooklyn Br., there's a nice park along the East River. Here (and a few other places), adding GPS coordinates just does not work unless I paste them in manually in the Library. Right clicking in Map and using "add GPS coords to selected photos" does not work.