Yes, as would increasing the size of the geometry.

Here is the text that I linked to in the first sentence above.

There is an equation Explicit Dynamics uses to calculate the maximum stable time step. It is a function of length and the speed of sound in the material. The speed of sound is a function of density. When you want to reduce the waiting time for the Explicit Dynamics solver to show **something**, it is much easier to increase the density by 100 or 1000 times than change the geometry. To answer your question, the larger geometry will take less time to solve, but read my last paragraph.

I highlight the word something, because when you do this, you are not solving the original problem anymore, you have changed the physics by making the material so dense.

Sometimes I want a "cartoon" animation to show roughly what the end result might look like. I am happy to have a fast solve time so I can check that I have things properly built in the model. Sometimes that cartoon animation is sufficient to show someone the motions, even though they might deviate from the true solution, and I don't need to wait for the true solution.

If I need to calculate engineering quantities from the solution, then I have to return the density to its original value and wait the required time.

Note that you can minimize your wait time and have accurate physics by carefully meshing the part to avoid a few small elements. There is a mesh metric called Characteristic Length that will highlight the few smallest elements that are dictating the maximum time step. Edit the geometry or the mesh controls in double the size of the smallest element and you will have cut the wait time in half.