James, We dug deeper and found that the time is spent in the MetaDataEndPointImpl.findChildViews() method. It runs a scan on the SYSTEM.CATALOG table looking for the link record. Since the link record is in the format CHILD-PARENT, it has to scan the entire table to find the parent suffix.
In our scenario, we only have views that references a single table.(We don't have view that references views). As a workaround, is it safe to simply run delete from SYSTEM.CATALOG where table_name = 'MY_VIEW'? Would there be any side effects in doing this? For the long term solution, we can write two link records, the existing CHILD-PARENT and a new PARENT-CHILD so that the findChildViews() method can use a key range scan. Thanks, Arun