For an incident like shift 3, 30–45 minutes for a first draft is about right. Timeline and what-went-well are fast. Contributing factors take the most time — that's where the real work is.
If you're past an hour on a single incident review, you're probably going too deep. The review is a starting point for action items, not a forensic investigation.
What makes a good action item vs a weak one?
Good: specific, ownable, and tied to a system gap. "Add a payment-path smoke test to CI" — yes. "Be more careful next time" — no. If you can't assign it to a system or process, it's not an action item.