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That does sound problematic, but without the code it is hard to tell what is the issue. Typically, compiling a 6kLoc file like https://github.com/ocaml/ocaml/blob/trunk/typing/typecore.ml takes 0.8 s on my machine.
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A long time ago I experimented with fragment-based code distribution. The idea is that the unit of distribution should be individual functions and not packages. The Unison language does this in practice.
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omd pulls quite a lot of things, probably more than it should, due to its use of ppx_expect that pulls a lot of the Jane Street ecosystem (which is just fine if you are otherwise using core, but could feel bloated otherwise); now that it exists, cmarkit is probably a better choice for Markdown parsing. (It is more lightweight dependency-wise and probably better designed.)