@MajorTom Yes, this looks too slow. The settings are OK and the machine config is also good.
What are the inner shadow and Gaussian blur effect settings? Are the blurs scaled or rotated?
There are a number of issues that could cause this slow down, but in this case, it might also be a bug. If you can send the file (by email) to csraba at vectorstyler.com I will try to find out what is the issue.