How many records? I know you can't exceed Excel's column limitations, but it isn't quite as hard to exceed the row limits.
Also, are we talking about some sort of threshold event? Like, if you export less than X records, it is fast, but if more than X, it suddenly slows to a crawl?
If so, I wonder if your problem is that you are suddenly "thrasing" your virtual memory. In order to export a query, Access has to build the records of that query AND has to open Excel and a workbook.
Access and Excel both use the "sparse element" paradigm for storage, which means that as they have to build more things, they get bigger. 'cause the storage space for those "things" isn't allocated until the things get built. (The opposite of "sparse" in this context is "pre-allocated.")
So here's poor little Access having to share memory with poor little Excel. And if you believe for even one heartbeat that EITHER of them truly qualifies as "little" then I've got some homes to sell you from south Louisiana. Then, of course, the DB in question has to grow to create the temp records for the result-set of the query. And the spreadsheet has to grow to hold the data transferred from the DB. So here is your system's memory, trying to stuff ten pounds of ... stuff ... in a five pound sack.
If there is a way for you to find and activate the system performance monitor, I would look for things like a sudden growth in page fault rate as you reach the "knee" in a particularly obscure graph of system statistics that demonstrates something called the "parachor." And you reach that knee by making Access and Excel both try to consume LOTS more memory. (You can't show the graph I'm talking about but you CAN usually see page fault rates. That is all you need to see to recognize the symptom.)
You can also use the Start >> Programs >> Accessories >> System Tools >> System Information path to see how much physical memory you have. On smaller machines (say, 1/4 Gb), it is quite easy to swamp physical memory and start swapping to a fare-thee-well. As soon as that happens, kiss your system performance bye-bye. Because of the priorities involved, when Windows swaps, the world stops!
How do you fix this? (1) Buy more memory. (2) Export the query to a Comma-Delimited Text File. Then import the CDTF to Excel. (3) On the odd chance that you have constrained your swap file, see if your disk is nearly full. Also see if your swap file has been given an arbitrarily low size limit. But this might not help since if you are swapping, you are still facing terrible slowdowns. I vote for #2 as the cheapest method of getting the job done.