Yes, I’m sad about this situation too. 
Technically, the speed hasn’t changed. The rendering method changed and the old one is still existing in the Tool Options. Before Krita 5, only one rendering existed: the one named ‘Fast’. The two other new ones were added at Krita 5, the “accurate” and “accurate with instant preview” and are slower but offers a sharper preview and render all the blending mode and opacity in the layer stack. Sadly, the slowest method of all −the “accurate” one− was picked as a new default and it lead to Liquify being terribly slow.
I wasn’t part of this decision and I’m still questioning it, because I can’t use the Liquify deform with this default now, even on a very good computer.
My guess about what had happened is (to take with a pinch of salt): It was a feature part of a sponsored new transform “Warp” (by Blender Foundation, afair) to warp photo bashing on top of texture’s UVMAP or file (A 3D software texturing need). Layers with those textures often have “blending modes”. The Fast mode" had no way to show the “blending mode” during the transform, so a new “accurate” mode was made as part of the sponsored work and then put as a default.
Unfortunately, it was made at a big cost; slowing down all other transform operation, especially “Liquify”. I really disliked it. At first, the “Fast” rendering option wasn’t even part of the “Tool Option”, it was something to activate in the Settings of Krita, under “Performances”. I asked for at least getting the option “Fast” back in the Tool Option during the beta of Krita 5.0 and fortunately it was accepted.
That’s why now the workaround is simple; turn the rendering to “Fast” in the tool-option and it will be fast as before! But who really knows that?..
Also, recommendations: use the Liquify not on the full canvas but in a rectangular selection as @Daishishi mentioned (eg. around face, or part of the body you want to deform, rectangular selection is just a Ctrl+R away ). If you need to do it on the full picture, apply a “Trim to Image size” first to remove all paint stroke that are recorded outside of the canvas. A last tip: the Filter “Mitchel” is a good one for not having artifact on the edge of the selection while still having a bit of sharp deformation rendering.
All in all, “Liquify” in Krita 5 really has now a poor ‘out of the box’ experience for newcomers, and that’s a shame because it’s one of the core features for digital artists.