As @SushiHangover mentioned, to update your hardware is the effective way to reduce the build and deploy time.
Also, there're some software-level methods to speed up your build and deploy time.
Enable incremental builds. When this option is enabled, IDE only deals with the parts which you changed. Refer to Xamarin.iOS Build Improvements.
this is a compilation mode where each assembly is compiled into a separate shared library. When this is enabled, a change in one assembly will only require the native code for that assembly to be uploaded, which will significantly reduce the amount of data that has to be deployed to a device for each build.
Also, you need to update the Linker Behavior, for device Link all
is the fastest and for simulator Don't link
is the fastest. More details you can refer to How to speed up MonoTouch compilation time?
.
Enable device-specific builds. When this is enabled, Xamarin will only build for the particular device you selected. Otherwise, it will build for all architectures. This feature can save much time when you debug on particular device.
These settings locates at Properties->iOS Build.
