You are right - It may be, but will depend on what's going on in the box.
Time to talk tools... Maybe recommending hcp -r all is a good idea, to see what Health Check Point reports.
I would also run Doctor Log
/opt/CPrt-R82/scripts/doctor-log.sh
I just installed policy in my lab, which is one VM (R82 T44), running both SMS and SME and has 8 cores (i9 - 14900 - far more powerful than a Smart-1 600S) and 16GB RAM, and fast NVMe storage.
I enabled about 20 new event definitions before I installed and it took about 90 seconds.
Then I enabled 10 or so more and installed again and that took 70 seconds.
Since FWM is involved and tends to use only one core that could be a bottleneck.
FWM is effectively single-threaded for policy compilation; only one core is used for the heavy work.
@Timothy_Hall Will surely have a few words to say about FWM being involved 😉

