When you send a video over a network, you really can’t just send the whole video; that could be super dense, in terms of data, and take forever to send. To remedy this, your phone compresses the data into a much smaller representation of that same data. With newer devices, and more detailed cameras, there’s more data to process, which means compression will take longer (but will save more data).
The other answers are correct, but specifically to your point of it feeling like this wasn’t the case before, this is actually true (I found this out the hard way). They recently, I think with iOS 11, changed the video compression algorithm for newer phones, and it has to decompress and reformat for sending. I had an hour long video I recorded on my phone and to air drop onto my laptop took 2 hours. 1 hour 50 minutes of changing the compression, 10 minutes of sending the data over wifi
It’s like when you order furniture online. It’s far easier to ship it flat packed and have it reassembled once it reaches the destination.
The “preparing” part is it compressing the file down for transfer (shipment). Once it arrives on the other device, it will get uncompressed using Allen wrenches, alcohol, and a lot of profanity.
If you want to understand how dedupe or compression works, search the sub because that question gets asked a lot.
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