Not in my experience. If you're doing extract with steeping grains, it's about 20 minutes longer.
In my first PM's, I did the same technique as extract with steeping grains. I put the grains in a grain bag (loosely, so they would all get wetted), and mashed them (just like steeping) at 155 degrees for 45 minutes. Then I sparged with 1 gallon of 170 degree water that heated up while I was mashing the grain. To sparge, I just lifted out the grain bag and put it in my spaghetti strainer and poured the sparge water over. Then I brought those runnings in the same pot up to a boil and started my boil. It was super easy.
My next PMs were done in my botting bucket, lined with an enormous mesh bag. I put the grain in, put 169 degree water in (so that the grainbed was 153-155), stirred, wrapped in a sleeping bag, and drained after an hour. I added the sparge water and stirred and then drained that. That only took about 30 minutes longer than the old way, and it yielded much better beer than the extract batches.
I can do an entire AG batch from mashing in to pitching yeast in less than 4 hours. I don't always try to hurry it, and sometimes it's longer if I have a multistep mash schedule. But, it really doesn't take that long. I think that it added about an hour to my brewing day. The PM only added about 1/2 hour, I believe.
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