"Save Simplified Assembly As" takes an extraordinarily long time to save.
Solution
The issue appears to be related to the use of Solid Edge Data Management and the amount of data in the vault. In this specific case, the option to "Automatically revise or copy drawings that use the selected 3D document" makes a difference in the time to save the simplified data. Once this option was disabled the "save as" process was much quicker.
Look in Solid Edge Options --> Manage --> Vault Definition tab for this option.
Notes and References
Hardware/Software Configuration
Platform: INTL64
OS: windows
OS Version: 1064
Product: SOLID_EDGE
Application: ASSEMBLY
Version: V222.0
Function: SIMPLIFY
Ref: 001-10203466