I never really timed it, but I feel that Processed Baits have about the same waiting time as Live Baits. Only the lures and flies have longer wait time before fish bites.

Today I tried using Sinking Minnow at South Umbral Isles for 1 full game day and got 74+16 Red Corals and 27+6 Fullmoon Sardines, which totals to 123 items landed. Then I tried using Herring Balls and got 84+26 Red Corals and 23+7 Fullmoon Sardines, which totals to 140 items landed. However, it was unfortunate that while testing with Herring Balls, I was kicked from the server and got back on immediately to resume fishing, so the number of total fish obtained might be slightly off. Next time I'll try again and will test with live bait like worms too.