Are you using an old version of the software ? I don't have an image quite that size but an 83 Mbyte compressed TIF completed import in about a minute with the latest version. Going back to a 2016 version, it took 9 minutes on the same machine. You can find your programs date by selecting About from the Help menu.
This image is 8,400 pixels across which at full resolution on 14 count fabric would give a design 50 feet wide (not that the program could produce a design that size). So the program needs to reduce the image considerably. It does have some advantage to working with an image larger than the final stitched resolution but I doubt you would notice any diffeerence if you halved your image in both width and height. You could try this out by importing both the original and a reduced size image and then switching between them using the tabs at the bottom of the screen.
You can update to the latest by taking out an update subscription for US$10 per year plus tax:
https://order.shareit.com/product?vendo ... =300863772(For all Platinum and Platinum Plus users)