It is slower, but the results are much more often correct and it doesn't rush into half-baked solutions/dumb approaches as eagerly.
I'd much rather wait 5 minutes than have to clean up manually or try to coax a model into doing things differently.
I also wouldn't be surprised if the slowness was partially due to OpenAI being quite resource constrained. They are repeatedly complaining about not having sufficient compute.
Bigger picture: I think all the AI coding environments are incredibly immature. There are many improvements to be unlocked.