I'm not in front of my DAW right now (I Wish) and I'm on X3, but I think I might be able to help.
What type of export are you choosing? The progress status you're describing sounds more like you're saving it as a bundle .cwb file which will take longer based on how large the project/how many tracks, etc. you have.
What is the reason you are exporting the song? If you are trying to take the entire project to another DAW to continue work on it, then that might be what you have to do. If you just want to play the song on another device, then you might want to mix down the tracks to one stereo track, and then just export/burn that one stereo track as a .wav or MP3.
I save projects in .cwb format when I'm backing them up because in case of a crash, I need everything back again. It does take a while and go through all those steps you listed, but worth it.