Thanks @progloverfan I got the file. Here are some results 
- Tried opening it as a text file with one text editor - I had to give up after 10 minutes or so. It was still loading it.
- Tried with another - reported OSX out of memory (I have 16gb of ram)
- Tried with a third one which opened it somehow.
I determined that the space is used by Analog Lab 4 states. You have about 2 of these in each rackspace and this plugin seems to have a huge state.
Opening your file on Windows took about 3-4 minutes to load/parse the file and another 30sec - 60sec to actually open the file which is consistent with your findings of 5min.
Opening your file on my Mac in GP took about 15sec to open/parse the file and around 30sec to load everything.
There seems to be a huge difference in how OSX and Windows handle this, but I can happily say that GP handles it really, really well. Text editors had trouble opening it at all while we opened it on a Mac in 30sec.
Unfortunately - there is really nothing that can be done here to improve things on GP side.
I would suggest that you write to Arturia and ask them to see if the state management can be improved and size reduced. They are actually quite good with listening to user suggestions.