Environment updates can generally take between 5-30 minutes in Cloud Composer and it works as intended at this moment. Please check this public issue tracker for more insight. You can click on +1 to make it more visible to the Cloud Composer engineering team.
Please note, that the Composer needs to take care of a lot of resources, i.e. deploys Airflow within the Google Kubernetes Engine and App Engine, which forces rebuilding images of the container, updating the Airflow Webserver and so on.
I suggest you to take a look in the following Cloud Composer architecture documentation, where you can find all the components that needs to be updated with each change.
You can check if any of your PODs are in Evicted state, which means that your node is on low resource, so you should consider using higher resource machine instead of the standard one n1-standard-2.
I hope you find the above pieces of information useful.