When the Chinese Simplified, Chinese Traditional, and Japanese languages are included in the office package and installed on the machine along with other languages, the mailings ribbon loads in around 1 min but If I remove these 3 languages from the package, it loads quickly.
Note - Machine default language set as English. Chinese Simplified, Chinese Traditional, and Japanese build MUIs are also installed.
The fix is to copy cenvelop.dll and JPCARD20.dll in %programfiles%\Microsoft Office\root\office16 from %programfiles%\Microsoft Office\root\office16\ADDINS folder
The mailings tab starts loading instantly.
Note - There is no official confirmation from MS yet for the above fix.