Hello Arun,
regarding the long building time, unfortunately that's expected. When you generate the package for distribution, Visual Studio rebuilds the whole solution from scratch and, since React Native is added through the whole source code, it takes a long time to build the C++ core. Things should improve if and when the team will be able to move the RNW core to NuGet, so that you don't have to rebuild it every time.
Regarding the Metro issue, that's weird. A Release package shouldn't ask you to connect to Metro, since the JS bundle is embedded into the package. Make sure to uninstall all the instances of your application before deploying the Release package, there might be some conflicts because both packages you use for debugging and for distribution share the same unique identifier (the package family name).
Best