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It's binary encoded data, so it can get big. The FlattenedPrivateDataCTL is literally the private data control -- the .ctl file that defines the data. It includes everything that a separate .ctl file would save. The connector panes are the complete signature of the methods, including types, layout, requirements, inplaceness, and constantness.

Looking at older IDEs is a bit discouraging when it comes to IDE performance. When I was beta testing NXG I made some comparisons in startup time, opening a simple project, opening a simple VI, and making a basic edit. NXG was something like a couple minutes slower than 2017 for the whole process. I imagine the responsiveness of 2017 to 8.5 is likely just as large a gap in 2017 to NXG. And I remember when first using 8.x versions how it seemed dog slow in comparison to 7.1. Maybe in a few years NXG 1.0 will seem fast.