Wrong or not depends on a LOT of variables... and a strict 1-to-1 ratio is VERY RARE
What is your exact computer hardware (you do not try and race a Ford truck against a Ferrari... and if you have a slow computer, you need a lot of time)
What effects have you applied to your video?
Are you converting a HiDef edit file to a Standard Definition output file or DVD?
Lots to define here. Please excuse the questions, but I do not want to take anything for granted.
What computer operating system is your Premiere Elements 12 running on and have you updated 12 to 12.1 yet?
What is the Timeline duration "2:20"
a. Two minutes and 20 seconds
b. Two hours and twenty minutes
And, of course, the typical questions about
a. Project preset
b. Properties of Source Media
c. Titles, Transitions, and Effects applied to Timeline media. Video Stabilizer is notorious for extended Timeline render time.
d. Intended Export
e, and so on.
I am understanding that you say that you have tried various export choices. But, for troubleshooting
purposes, I think it would expedite matters if we stayed with one choice and worked through its export
details. Typically .wmv export/render times are longer than other export choices.
Please review and consider and then we can decide what is normal or not.