I sped up the object tree building, it's 6x or more faster now.
Here are some scattered Lucy models to demonstrate:
I also fixed the triangles count in the UI so it could show the total number of triangles correctly

Num instances: ~3.8 M
Num triangles per instance: ~28M
Total number of triangles: ~106 trillion triangles

Scene build times:
Lucy scatter test
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Old (v3.8.26)
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Finished building tree. (Time taken: 35.209 s)
Finished initialisation (Time Taken: 68.02 s)
New (v4.0.x)
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Object tree build done. (Time Taken: 5.334 s)
Finished initialisation (Time Taken: 25.40 s)