The air up time may be faster if you have a fast compressor. My trial rig compressor is 12cfm. It can pump air faster than you can fill a single tire through the valve. So it cycles the pressure switch while you're filling at 120psi. In that scenario I could definately fill faster with a setup *like* this. Unfortunately this system uses very small suspension air bag hose - which also likely would not provide sufficient volume as the manifold to meaningfully change the fill speed. If it had more like 3/8 ID hose it would likely be faster - if you have a compressor that can keep up.
With most electric compressors it's just a convenience thing. The slower the compressor the more convenient. With 12cfm I'm looking at something like 1-2 minutes per 39" tire, so it's no big deal with a clip on chuck. With my 12v compressor and 10 minutes per tire, it's nice to set and forget for 40 minutes. Much more convenience with a slower compressor. Lots of people setup the same thing without the permanent mounting. Kinda like this: