Why does running get_the_excerpt() when generating JSON file take 28 seconds vs. 599 milliseconds without it?

by

The problem will likely be a (very slow) callback that is attached to your get_the_excerpt() function.

To inspect the attached callbacks, just inspect the global:

// Best hooked to `shutdown`
echo '<pre>'.var_export( $GLOBALS['wp_filters']['get_the_excerpt'], true ).'</pre>';

Then get rid of all those callbacks.