I had a feeling that kernel compilation got slower recently and tried to find the slowest file across randconfig builds. It turned out to be arch/x86/xen/setup.c, which takes 15 seconds to preprocess on a reasonably fast Apple M1 Ultra.
This all comes from one line "extra_pages = min3(EXTRA_MEM_RATIO * min(max_pfn, PFN_DOWN(MAXMEM)), extra_pages, max_pages - max_pfn);" that expands to 47MB of preprocessor output after commits 80fcac55385c..867046cc70277.