@Jim Welcome to Microsoft Q&A Forum, Thank you for posting here!
There is could be several reason in delay(This behavior may occur if the connection to the network location is lost during the time that your Office program is opening the file.) Check there are any add-ins is causing the issue/clear cache/ Restart the VM/
There is no throttling or performance issue on the Azure File Share Service from Azure Storage Account level(for specify services in upload/download/launching any documents, files application or more),
This article explains "Request Was Taking Too Long" when you open a workbook in Excel Online
You should also take into account the performance guidelines from the Azure Storage Team
Troubleshoot Azure file shares performance issues
You can use Azure Speed test tool: https://www.azurespeed.com/Azure/Upload
Note that these tests could potentially be affected by the configuration of the client machine (for example, the browser the you are using).
When testing network throughput performance in Azure, it's best to use a tool that targets the network for testing and minimizes the use of other resources that could impact performance. NTTTCP is recommended. Azure throughput analyzer
Please let us know if you have any further queries. I’m happy to assist you further.
Looking forward for reply!
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