Did they develop more quickly when we switched form CD-ROM to faster DVDs? When we switched from DVDs to HDDs installs? No!
If anything, dev times will increase because more power means less restrictions. More freedom for devs to chase their vision. Less things to worry about like "hmm, why don't I pack this room full of little details?! It doesn't matter to me if it takes 2-3 weeks longer!".
I still expect 4-5 years for new AAA exclusives, especially with a new engine. 2-3 years for sequels.