I am rendering a 2 minute video in Premiere Pro and it is taking over 30 minutes. I believe its because of an Envato Elements Motion Graphic that I inserted into my timeline that is red on the timeline. However, this Motion Graphic is only 10 seconds and shouldn't be taking this long to render.
When you use a MOGRT inside of Premiere you are essentially opening up an After Effects composition behind the scenes. However long it would take to render each frame of that AE comp in full resolution on your hardware is going to be at least as long as you'll need to wait for it to render in Premiere, plus maybe a bit more due to the dynamic linking. Some AE comps can be quite simple, but some of them can be very complex and require quite a bit of render time! It really depends on how it was made.