Since only one Excel file is affected, this is more likely related to that workbook rather than Excel itself.
First, use Save As and save a copy to a local folder such as the Desktop. If the local copy saves normally, the problem is likely related to the original storage/sync location.
Next, open each worksheet and press Ctrl+End. If Excel jumps far beyond your actual data, the workbook may contain excessive formatting in unused rows or columns, which can significantly slow saving. Microsoft explains how to reset this here:
https://support.microsoft.com/en-us/excel/locate-and-reset-the-last-cell-on-a-worksheet
If you use Microsoft 365, you can also go to Review > Check Performance and use Optimize Sheet/Optimize All after making a backup copy:
https://support.microsoft.com/en-us/excel/cleanup-cells-in-your-workbook
If it is still slow, press Win+R, enter excel /safe, open the workbook and try saving it. If saving is fast in Safe Mode, an Excel/COM add-in is likely involved.
https://support.microsoft.com/en-us/office/lifecycle/open-office-apps-in-safe-mode-on-a-windows-pc
If none of these help, please let us know where the file is stored (local drive, OneDrive, SharePoint or network drive), its approximate size, and whether it contains macros or links to other Excel files. :::