I just got off the phone with Apple Support about this issue (a call I scheduled with their Pro Media folks yesterday). While I was on hold I started to do a little debugging.
I started with a fresh project with a 10-second blank audio recording. Then, I saved it and opened it back up. So far so good, nice and fast. Then, I added RVox, a Waves plugin. I saved and closed the project and tried to re-open it. Bingo. Slow!
So then I started searching the Internet for slow Waves plugins with Logic Pro. I came across something that said I should run "Waves AU Reg Utility" which basically scans your plugins and registers them as Audio Units. I ran that utility and it said it errored out, but when I launched Logic Pro again with that test project it opened up right away!
I then tried opening one of my projects that has been really slow. Zing! It opened up with no delay.
Then the Apple Support person came on the line and I told him that I think I had solved it. Fortunately he was nice enough to explain that ... if you are running on macOS Monterey, plugins will only work properly if they are registered as Audio Units.
He send me a link to a document that explains some things you can do to troubleshoot Logic. Hopefully this also helps someone else here. My projects are all opening nice and fast now. I wish I would have discovered this two months ago.
Here is the link to that document: https://support.apple.com/en-us/HT201199