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I mean I didn't check how long it actually takes, it's not 500ms.
It opens quick, but I can't find the default value (you can change the behavior via registry), but it's definitely less than half a second. Especially when you're already hovering down there it appears near instant for me.
And let's be honest: The only reason why multiple icons worked back in the day was because the name of the open workbook was next to it. So you had "(Excel) My Workbook 123.xlsx" in your taskbar. Which ended up as a mess when you had several programs open. Now you have one Excel icon, you hover over it and you see all your open workbooks as a preview so you select the one you want. It's definitely cleaner.