It won't take 10 minutes, but it might still take a minute or two (for Pro) - though Flash and Flash 8B should be significantly faster.

It does process a version of the raw video but it can run that faster than the default video playback rate.

That is quite a bit of detail here: https://ai.google.dev/gemini-api/docs/vision?lang=python#pro...

"The File API service extracts image frames from videos at 1 frame per second (FPS) and audio at 1Kbps, single channel, adding timestamps every second."