It depends on where you're coming from. For me, Rust has replaced a lot of Python code and a lot of C# code, so yes, the Rust compilation is slow by comparison. However, it really hasn't adversely affected (AFAICT) my/our iteration speed on projects, and there are aspects of Rust that have significantly sped things up (eg, compilation failures help detect bugs before they make it into code that we're testing/running).

Is it a serious problem? I'd say 'no', but YMMV.