Yes. It is really pathetically slow. I had a 2011 iMac for a few weeks that had a 7200 3.5 inch drive and really noticed the difference when going to the 2012 with the 2.5 inch 5400 RPM drive. The 5400rpm was truly about half as fast in some activities. The 2011 was a refurb and the screen went out and I couldn't get that same model anymore for a replacement so decided to go to the 2012. On the plus side the 5400rpm 2.5 drive is almost silent.
I
upgraded mine to SSD a few weeks ago and the increase in response time performance is fantastic.