No, the process itself will last the same amount of time. But, previews are stored in RAM, while undo states of the images are stored in physical memory. The result, is that previews will be faster in undo/redo operations, making a faster blinking effect. Also, you'd may use several previews, and compare results between them very easy/fast.
If you want to try it faster, you may clone the image, and integer downsample it by any factor 2^n (2, 4, 8, etc). n will tell you the difference in wavelet layers. Of course, this will be just an approximation, but it will be better than sampling a small portion of the image.