It’s not broken, and it does take that long. I don’t intend to be mean, so please don’t take this as such, but your expectations are off base.
Your machine specs are not at all adequate for a complete shader rebuild to be fast. You’re looking at I think somewhere around 1k shaders to be rebuilt before the editor comes up, then all the shaders in your project itself will get rebuilt as well. For comparison to my machine, which just did this update this morning … it took a bit over 20 minutes to get the editor up, and then another 20 minutes to get all my project shaders rebuilt. My hardware:
Core i7-4770k oc’d to 4.8ghz
32 gig system ram
2x Nvidia 1060 6GB video cards