If you have a massive codebase no matter how fast your compiler is, re-compiling is going to be slow. But hot code swap is even better in that you can keep any state around without having to set it up all over again.
In Java I could change a method implementation with the program running and as long as I didn't touch my class state it would just work. Re-compilation was slow, but hot code swap was _fast_ and I maybe did a recompile 3-5 times per day total.