Hi Jason,
Unfortunately, what you say is true, and I am not aware of a faster way to add text to an image. Currently the function is making an additional copy of the image, slowing the process down. Fortunately, this problem has been noted several times in the past and R&D is actively working on a fix for it. If the function is currently a showstopper, it might be faster to note the time of each frame in another file, and add that information to the video stream in post processing.
Hope this helps,
Robert Manion
Applications Engineering
National Instruments