Curious, do you have a large Photos library? I'm currently backing up around 1.7TB to an external WD Blue HDD via USB-C. It did take many hours to backup. However, I am excluding my Photos library. Currently my Photos library is around 600GB and TM was just choking on backing it up. No idea why. Maybe it's the crazy file structure it uses?
I do have the same 600GB of photos being backed up from raw date based folders with no issues. It's just something about it trying to backup that large Photos library that not only takes forever, but subsequent backups were taking a long time as well.
Since excluding it, everything is backing up fine.