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I had this same problem, and through some Google searching fell upon the solution of disabling Java completely.

Tools --> Options --> Libre Office --> Advanced --> Use a Java Runtime Environment (DESELECT)

Now my formula editor loads up lightning fast, and in fact, the entire Libre Office loads up significantly faster as a whole.

I'm not that knowledgeable about the inner workings of Libre Office, but I read in my other Google searching that the only potential drawback of this solution is that some functions of the software depend on Java. I have not run into any problems yet, so they must not be often-used functions.

I hope this helps.