Hi!
I also have this problem, and I am starting to suspect that there are many factors involved.
I have two iMacs (2017 and 2019) using external NVMEs using USB-C 3.1 Gen 2 (10 Gbps) connection. Both use ORICO cases with JSMicron chipset and a Crucial P1 NVME.
In iMac 2017, everything works beautifully. The system boots in under 30s, and I have a 10 Gbps connection.
In iMac 2019, I see the bug described here. It takes +5 min to boot. However, everything is fine after booting, and the 10 Gbps connection works well. I tried to swap the case to another one using Realtek chipset, I tried to switch to another USB-C 10 Gbps cable, and I also tried to use Apple's USB-C charging cable (iPad). In the latter, the boot process was extremely fast (25s or so). However, the external drive was connected using USB 2 speeds (480 Mbits/s). Hence, it was as slow as my internal Fusion drive.
Finally, this bug seems to be related to the USB3 driver in some configurations.
Another strange fact I observed is that when connecting with the Apple cable (slow speed), the configuration of my external monitor is saved. When I connect using my USB-C 10 Gbps cable (slow boot), I need to configure the external monitors every time I boot the system up.