Yes but with FHE it also depends on the use-case and how valuable the output is and who is processing it and decrypting the final output.

There are plenty of viable schemes like proxy re-encryption, where you operate on a symmetric key and not on a large blob of encrypted data.

Or financial applications where you are operating on a small set of integers, the speed is not an issue and the output is valuable enough to make it worth it.

It only becomes a problem when operating FHE on a large encrypted dataset to extract encrypted information. The data extracted will need to offset the costs. As long as companies don't care about privacy, this use-case is non-existent so its not a problem that its slow.

For military operations on the other hand, it might be worth the wait to run a long running process