On the rare occasions I solve The Times online, I use the Reveal Word option when I've got the answer, rather than entering it manually, because I'm utterly rubbish at typing on a phone. You get a solving time if you tap Reveal Word for some, or even all, of the clues. I've just managed to get a time of 2:17 on an old puzzle by just going through the clues as fast as possible, without even looking at them, and tapping Reveal Word for each one. (I don't enter the leaderboard so I hope that's not going to appear anywhere!)
Magoo's 2:40 is just feasible allowing for greater finger dexterity than mine (quite likely) - he is a phenomenal solver after all. I'm not in his league but have occasionally solved the cryptic (on paper) in under 5 minutes. Anything under two minutes is, I think, impossible. In any case, I agree with those who see no point in speed solving, other than in competitions. Isn't it like treating a gourmet meal as if it were a pie eating contest?
Oh and I play a mean 4'33". Can't play anything else, though...