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There are two factors in getting data from Jira to Excel. How fast the server can build the data to send, and how fast your network connection to it is.
On Cloud, you can't do much about the server (like give it more memory or CPU), other than ask other people to stop using it while it is building the data to export to you.
On the network side, all you can do is get as close to the server as possible and make sure you have a good fast connection.