Genuine question, how precise do you need the time to be? Maybe you actually need precise readings for something. I figured that "on the 5 min marker", "slightly before/behind the 5 min marker" and "in the middle of two 5 min markers" is precise enough for me. And I see a hand at these positions faster than reading numbers.

I think for precise readings (eg. entering the time I start working), the speed is the same for me, but obviously I didn't test this.

I also think looking at the time but still not knowing what time it is a few seconds later happens less on an analog clock.

I don't know how much personal preference influences this though.