Fast? Yes. Sometimes less than 3 seconds.
Consider the fact that Formula 1 cars do not get fuel at pit stops, so they only change tires that have a single hub-nut. There are about 18-20 guys on the pit crew including 3 guys per wheel...the guy with the air gun, the guy who removes the tire and the guy who put the new tire on. Never the less it is a well practiced choreography and still amazingly fast.
Very different from NASCAR where they refuel by gravity feed cans, they only change two tires at a time and then run around to the other side to change the tires, plus they have 5 lug nuts to remove and retighten for each tire. NASCAR only allows 7 or 8 pit crew guys over the wall to do all that work.
...Rich