No not really.
It's how long it takes to read 32GB from my swap. 170 MB/s continuous read speed ≈ 188 sec (3 min 8 sec) add the normal boot time to it (bios, grub, kernel initramfs) and you get the 4 minutes.
When the system boots cold it doesn't have to read 32GB, just 0.5-2GB maybe.