It has nothing to do with modern hardware since you’re still limited by the read speed of your disks. Given we’re talking about spinning rust, that will take tens of minutes to complete a couple hundred gig, and even more so if you’re transferring tons of small files.

I could easily see it taking over an hour for a 200+gb install. Even going at the theoretical max, you’re looking at 20min just in data. Tacking on added latency from opening and closing many small files and any kind of fragmentation/disk location, that’s going to add significant time to the transfer.