That's an incredibly long population time now that things are multithreaded. Perhaps your population is larger than it needs to be, at least at that density (you could use additional populations further away with lower density).
As you may have realized when using Clip to Camera, the population system still needs to *check* outside the camera to see if a potential instance falls there (and thus should not be added to the population). The reality is that the rectangular boundary of a populator is currently the only thing that defines the "area of consideration", and thus your population times are always directly linked to the size of this area. That's a fundamental limitation to the way the populator currently works, so while what you're proposing is not a bad idea, it would require a more fundamental overhaul in the way the populator works. We do hope to improve this kind of thing *overall*, which I think would help in your situation and many others.
- Oshyan