You can create the archive directly in the destination, unless you're trying to avoid that for some reason (e.g. slow destination media).
It's likely the "ARCHIVE=single" which is slowing things down more than the destination drive. That causes our code to use a much slower method of creating/updating the archive.
It's something we're going to improve. (The code change was done recently, but needs to be tested for a while before we release it.)
In the meantime, one workaround is to use a script to make the archives instead:
That said, if the aim is to only make a single archive from a single file or folder then you don't need the =single at all, and removing that from the command should speed things up without needing to do anything else.
(ARCHIVE=single is for when you select multiple things and want each of them put into a separate archive instead of all placed into a single archive.)