So after checking on our VMs and setup, it looks like VMQ was the issue.
Granted I’ve only done a couple of test, but the results are night and day.
Did a save as with VMQ enabled, and it was at least 45mins.
Did a save as with VMQ disabled, and it completed at 5mins.
/me: smacks myself for the little things…
Thank you all for the assist and beers on me @chanley!