For anyone else that runs into this problem, the issue turned out to be having the Override Skin theme option enabled.
Tools > Options > Skin > Override Skin theme with Windows System theme
After unchecking that, file properties opens reasonably fast now.
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I'm having the exact same issue, though not quite as bad. For me, the file properties box takes about 3-4 seconds. Still that's pretty tedious when you're doing a lot of metadata clean up. I have about 87K music files in my database. I've cleaned the library, optimized, deleted and re-scanned, etc. ...