can you try the below code:- Performance increases using analytical query compared to nested query.
select t1.id,t1.name,t2.set_date
FROM test_table t1,(select * from (select set_date,test_id,row_number() over (partition by test_id order by set_date desc ) rn from link_table) where rn =1) t2
WHERE t2.test_id = t1.id AND t1.state = 'Closed';
I couldn't test the same . Please revert in case you encounter issues