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I'm not sure why would slow it down, but I use [Incredibuild](https://www.incredibuild.com/?utm_source=UnrealEngineForum&utm_medium=referral&utm_campaign=1712489)for free (without a valid license) and it actually speeds up compiling. Because it's free you can't use some features, but it speeds up anyway.
I've tested it out with and without, and the results are that it does some job.
Try reinstalling or ask for their support, as I'm quite sure it's some problem.