There was an article on Medium yesterday, which exactly adresses my question:
https://medium.com/@nikita.kozlov/how-modularisation-affects-build-time-of-an-android-application-43a984ce9968#.at4n9imbe
tl;dr:
First and most important, the hypothesis was correct, modularising project can significantly speed up build process, but not for all configurations.
Second, if splitting is done in a wrong way, then build time will be drastically increased, because Gradle build both, release and debug version of library modules.
Third, working in test-driven way is much easier for a project with multiple modules, because building a small library module is way faster then the whole project.
Forth, doing many things in parallel slows down the build. So having more powerful hardware is a good idea.
Below you can find results of all experiments described in this article
Update
Addressed at Google I/O '17: https://youtu.be/Hx_rwS1NTiI?t=23m17s