Processors have sped this up a lot, but it will depend on how big your source image is. As a data point, I use this same method to resize/crop camera photos in my app. On my iPad 2, this process is nearly instantaneous.
You could also try setting putting the original image directly into the UIImageView
and set the appropriate contentMode
(probably UIViewContentModeScaleAspectFill
). This other question could be relevant if it looks jagged: iOS UIImageView scaling image down produces aliased image on iPad 2
All that said, in my experience, it's normal and usually easier to just generate and include separate images for iPad and iPhone in your project