horrific performance with trivial operations such as portsnap fetch update

This seems terribly wrong :

eris# uname -a
FreeBSD eris 12.0-RC1 FreeBSD 12.0-RC1 r340470 GENERIC  powerpc
eris#
eris# /usr/bin/time -p /usr/sbin/portsnap fetch update
Looking up portsnap.FreeBSD.org mirrors... 5 mirrors found.
Fetching public key from your-org.portsnap.freebsd.org... done.
Fetching snapshot tag from your-org.portsnap.freebsd.org... done.
Fetching snapshot metadata... done.
Fetching snapshot generated at Sun Nov 18 00:04:47 UTC 2018:
f906ea4e03b768110c650179ec70c1c5196016c2b665fc          86 MB   12 MBps 
   07s
Extracting snapshot... done.
Verifying snapshot integrity... done.
Fetching snapshot tag from your-org.portsnap.freebsd.org... done.
Ports tree hasn't changed since last snapshot.
No updates needed.
/usr/ports was not created by portsnap.
You must run 'portsnap extract' before running 'portsnap update'.
real 2430.61
user 167.52
sys 2101.29
eris#

Not sure where the problem is however this is a very new install :

eris# pkg query %t\ %n\ %v\ %o | sort -r
1542507622 pkg 1.10.5_5 ports-mgmt/pkg
1542499292 dialog4ports 0.1.6 ports-mgmt/dialog4ports
eris#

eris# uptime
  3:07AM  up  4:20, 1 user, load averages: 0.38, 1.20, 1.48
eris# last
root       ttyv0                           Sat Nov 17 23:10 - 23:22  (00:11)
dclarke    pts/0    172.16.35.3            Sat Nov 17 22:48   still 
logged in
boot time                                  Sat Nov 17 22:47

utx.log begins Sat Nov 17 22:47:52 UTC 2018
eris#

However I am running with kern.smp.disable=1 but that can not account
  for this sort of a performance penalty.

Dennis
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