Sounds right to me, since the restore is only as fast as the slowest link in the chain.
Your SSD may be fast (Read & Write speeds near 1 GBps), but the TC has a HD, not an SSD and you are transferring over WiFi. The maximum possible 802.11ac speed is 1.3 Gbps, which is 166 MBps (Gigabits vs. Megabytes). High end SATA HDs can sustain an average read speed of 150 MBps. In the real world, you are probably lucky to hit 50 MBps, and it depends on the number and type of files that are being accessed, plus other overhead.
400 GB @ 50 MBps with no other overhead would take 2.27 hours.
It's also not like you are restoring one big file, you are probably restoring hundreds of small files, which Time Machine has to get the latest version of from the backup, then transfer, then create/update.