Something went wrong there with the logs, because at the very least there must be a line containing “DEBUG: Walk” indicating that it started scanning (otherwise the folder wouldn’t be in scanning state. And then lines with “dir:”, “to hash:” etc.
However if ram is not an issue, then indeed what you are seeing is just the first pass over the filesystem, which compares items on disk with the db. If your folder is huge and on slow storage, and the db is also on slow storage, possibly even the same storage, then what you are seeing is expected. Time will mostly be spent spinning the disk.