In DirectCD (the partner to Easy Cd Creator / WinOnCD), I always found that it basically took a time equal to a write plus a read (which is often a bit slower than max on CD-RW).
With bad media (or a media/drive mismatch), the verify cycle would take ages or hang.
This was for ordinary UDF.
If this is "Mount Rainier", the more complex (but better) format may take longer - don't know, as I haven't got a drive that can do it!
PS. If the initial write cycle took 40 minutes, that would suggest a 2x CD-RW media .... and that is not just a certified speed rating as for CD-R, it is enforced by the drive.
Older drives can ONLY use low speed (2x / unmarked / 1-4x) media.
Drives which are highspeed (HS) capable can use 4x-10x / 4x-12x high speed media - and may also handle low speed media, sometimes better, sometimes worse than high speed.
ULTRA capable drives can use 16x-24x ULTRA CD-RW media, and are normally ok with high speed as well, but may be sub-optimum or even incapable of handling low speed media.