As it is an ESP board and not an official ARDUINO board you could try it without the cache option turned on.
Usually in the cases of slow compiles it quite often turns out so be something simple.
This can range from using network / external drives but you seem to be using a local drive so it is doubtful that is the case here.
A favourite option that many seem to find is an over aggressive security system / antivirus.
This is usually easily checked by turning off your security for testing the IDE and if it is better then adding the Arduino locations to the exclusions / white list for the offending security.
Also turning off the "check for updates" in the preferences has on occasion also been helpful to people.