The following example after a fresh git pull from master has been running for ~3 hours locally (as in, on my evergreen workstation, not using bazel remote workflows) and is still not yet completed.

bazel coverage //src/mongo/db/query:db_query_test_with_debug

Granted, a very relevant warning is shown:

WARNING: Build options --//bazel/config:dbg_level, --//bazel/config:linkstatic, --collect_code_coverage, and 5 more have changed, discarding analysis cache (this can be expensive, see https://bazel.build/advanced/performance/iteration-speed).

but is there anything we can do to mitigate this? Coverage runs are hit quite frequently in CI - is there a cache to leverage?

Local coverage workflows documented here.