In Python 3.12 and above, you can try an experimental core based on the new sys.monitoring module by defining a COVERAGE_CORE=sysmon environment variable. This should be faster, though plugins and dynamic contexts are not yet supported with it.
Confirmed it gives the same result for us, just a lot faster.
https://coverage.readthedocs.io/en/7.5.1/cmd.html#execution-coverage-run
Confirmed it gives the same result for us, just a lot faster.