Is 2.3.20 much slower to generate reports?

It is on my Win10 64-bit VM (Mac using VMWare Fusion 7.1.3, OSX El Capitan 10.11.1). Windows machine has Intel i7 2.6GHz, 4 GB Ram. Takes several minutes to generate Excel (Office 2013) file, whereas it would take less than a minute in previous version. A number of things changed so I'm not pointing fingers, just wondering if others see similar behaviour.

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