If your captcha takes 20 minutes to complete, your users will leave.
If your user need to wait for 1s, then it will probably not affect traffic top much (especially if you do it concurrently to loading your bloated webpage that already take a few seconds to load), but you've effectively lowered your spammer's throughput to 1qps (if you're using a memory-hard PoW scheme using Argon-2 or equivalent, the attacker cannot really speed things up by using a beeffier machine, by design of the cryptographic protocol)
I get the impression this is mostly only useful against ddos attacks. They do start ramping up pow cost at 5000 requests per second.