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Yes, I export our records every month and it can take several hours for 60K depending if you are exporting the visible fields or all fields. If the little pop-up status box no longer shows the counter and it doesn't have a link to download the list, You may want to close the box and chose the Show Export Status in the List Actions menu. It should either show the count or have a link to download the exported list.
Yes, this is quite possible that this takes 5 hours. you should always start an export like this at the very beginning of your day to ensure it runs faster. That being said I know on the roadmap are tasks specifically aimed at imporving the speed of exports.
I suggest (if possible) to only download visible fields and to do your export when the US are sleeping :) ... any exports I do in the morning (I'm based in Paris) are super fast. In the afternoon and early evening, it's usually a nightmare... because our data are stored in a US server I guess.