On the one hand, yes, selecting all languages will shorten queue times.

On the other hand, if you don't actually speak the languages that you signed up for, your knowledge of rotation, tactics, and social conventions need to be perfect, because it's within the party's prerogative to kick you if you can't understand and respond to queries and instructions in the language you signed up for, resulting in time that could have been saved by queuing for languages that you actually speak.