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
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