I ran into this issue back in CF9 (the version that introduced cfspreadsheet). The problem was that ColdFusion incorrectly created a separate style definition for every cell in a column instead of creating one style definition for the whole column. For some data types, such as dates, CF would automatically apply a style whether you wanted it to or not, making the issue unavoidable in some cases. This bug not only made it take forever to create a spreadsheet file, it also made the file sizes enormous. If you didn't attempt to apply a style to any of the columns, and CF didn't automatically apply one, then everything worked fine.
I have not attempted to use cfspreadsheet since CF9. However, a colleague of mine told me that the spreadsheet functions were working fine in a later version of CF, and another colleague had some success using the underlying Apache POI functions.