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Unlike Force Close mechanism, where there is a time lock, making settlement to take time, Does mutual closing channel funds settlement takes long time or funds are settled between channel partners instantly?

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The time lock mechanism in uncooperative channel closes exists to create a dispute period during which the other party (or a watchtower on its behalf) can publish the "penalty transaction" and claim all channel funds for itself.

In contrast, a cooperative close already has agreement from both parties on the latest channel state, and so it's final once the closing transaction confirms (which takes 10 minutes on average, though it's better to wait for a few confirmations to happen).

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