This is a full graph analysis of all files to figure out what depends on what. The first run should be slower than before, but the follow-up runs much faster as we'll only rebuild the files that have changed (along with the files that depend on the files that have changed).
A lot of the work in the application analysis was done to initially speed up large builds in companies like WhatsApp while fixing correctness at no major cost for smaller projects.
That being said, if you have a very large project with non-standard setups, you should probably come talk to us about that, it's hard to know what could be to blame there, and it's possible some options tweaking could solve a bunch of stuff, especially when you have older carryovers from rebar 2.x