To follow-up on this issue, I am still experiencing performance issues with V2 dataflows.
I have developed crude troubleshooting tools to monitor the performance of my dataflows:
1. I created a new Dataflow Test table, with two custom columns, for the specific purpose of testing dataflows.



2. I repurposed an old V1 dataflow as a test dataflow, and made it as simple as possible, using a simple blank table as a source:
let
Source = Table.FromRows(Json.Document(Binary.Decompress(Binary.FromText("i45WKkktLlHSUTI0MlaKjQUA", BinaryEncoding.Base64), Compression.Deflate)), let _t = ((type nullable text) meta [Serialized.Text = true]) in type table [KeyColumn = _t, DataColumn = _t]),
#"Changed column type" = Table.TransformColumnTypes(Source, {{"KeyColumn", type text}, {"DataColumn", Int64.Type}})
in
#"Changed column type"
3. I created a new similar V2 test dataflow:
let
Source = Table.FromRows(Json.Document(Binary.Decompress(Binary.FromText("i45WKkktLikzUtJRsrQwV4qNBQA=", BinaryEncoding.Base64), Compression.Deflate)), let _t = ((type nullable text) meta [Serialized.Text = true]) in type table [KeyColumn = _t, DataColumn = _t]),
#"Changed column type" = Table.TransformColumnTypes(Source, {{"KeyColumn", type text}, {"DataColumn", Int64.Type}})
in
#"Changed column type"
The purpose of these test scenarios is to eliminate any hypothesis that the data source or dataflow code could be at issue.
This morning, my V1 test dataflow succeeded within 7 seconds:

However, it took a whole 33 minutes for my test V2 dataflow to succeed:

33 minutes for a dataflow with a blank table source and a single row, importing to a quasi-empty Dataverse table!
Unless proven otherwise, this clearly indicates to me that Microsoft is still having server performance problems with Power Query / dataflows, at least in the Europe region.
@JMLR , @DUNNJ : Are you still experiencing performance issues?