That’s definitely slow. Backup of HDD (NTFS) to a rest-server in the same network:
using parent snapshot 1754f7f6
creating VSS snapshot for [d:\]
successfully created snapshot for [d:\]
Files: 6 new, 5 changed, 198687 unmodified
Dirs: 1 new, 18 changed, 21837 unmodified
Added to the repo: 6.081 MiB
processed 198698 files, 579.080 GiB in 2:32
snapshot 16b7e2c0 saved
Note that your log misses the information about a parent snapshot. If restic is unable to detect a parent snapshot (because of changed paths) it will re-read all files in order to make sure it doesn’t miss any changes. Obviously that’s a lot more time consuming.