Yeah, what Dowly said.
The loading times are directly related to the amount of campaign scripting & vessels etc that needs to be loaded when the game starts.
The 'Graphics', as you call them, are actually better optimised than Stock Sh3 ever was. So removing the 'Graphics' is not going to help you.
Here's why GWX takes longer to load:
Stock 1.4b:
Air Units = 13
Sea Units = 49
U-Boats+Subs = 8
SCR Campaign = 19249 lines
RND Campaign = 402082 lines
LND Campaign = 11968 lines
Total = 433299
GWX 2.0:
Air Units = 40
Sea Units = 182
U-Boats+Subs = 24
SCR Campaign = 486859 lines
RND Campaign = 629050 lines
LND Campaign = 53925 lines
Total = 1169834 
:rotfl:
Thats a 169.98% increase in campaign scripting alone. Don't forget, when you click START, all the items above are loaded each & every time into your PC's memory.
Just think what you'll be mnissing.
