How many existing material do you have in your project? I notice if you have 300-1000+ materials, the material regeneration become extremely slow. I always purge unused material and set material to text instead of icon base.
Did you create the new material using an existing appearance asset? If so, when you edit that asset Revit needs to update the existing material that using that asset, and subsequently, all model elements using that material.
I did create the new material by copying an existing material. Not sure why the existing material would need to be updated or regenerated...