My drive is read-only as well, I think it's special permissions given so only the system can modify it so people can't tamper with backups. The way I solved my issue was to setup Time Machine without encryption on the drive. The new backup still took a little over a day, but completed as expected, and has worked fine since. The hourly backups have been fast. I think in my case, while Time machine still may have run slower on initial backup then expected, I've also had much more data this time around to backup as well. So being a mechanical drive may have also been a factor in my case too.
Either way, what I'm seeing now, is more of the Apple Silicon Macs having issues. I think I'm the only one, or one of the only ones here with an Intel Mac that has reported a problem, at least a persistent problem that hasn't been resolved. I want to say, I was able to get a successful backup within 3 days of creating the thread, and it's been working since.