[1] Its time complexity is O(n log n * log log n). The double logarithm is already slowly growing; log log 2^(10^15) ~= 34 for the reference. At this stage the constant is much more important than the time complexity itself. y-cruncher, a record-setting pi computation software, actually has a set of proprietary algorithms [2] optimized for modern hardwares.
[2] http://www.numberworld.org/y-cruncher/internals/multiplicati...
But that was to be cool, not for any practical problem.
They needed 156 TiB of storage to hold that singular number, and that happened to be all-solid state storage ( because the majority of the time was spent on I/O, believe it or not!! )
That is to say: a faster CPU wouldn't really make the computation much faster. You need faster storage when you're dealing with numbers that big.
Double-precision floats are what people need most of the time. Crypto-guys need 2048+ or 4096+ byte numbers or something around those sizes for cryptography purposes. I'm not sure if large numbers are really used anywhere else.