Apologies in delayed response.
One reason for reported MySQL database restoration performance issue could be VM size causing constraints on the disks (VM & Disk configuration).
The throughput for the VM that you currently mentioned Standard_DS3_v2 has a maximum throughput of 128MBPS cached & 192 MBPS uncached. The VM might be throttling your disks which could be one reason for slow restore process.
I would recommend to resize to a larger VM that supports higher throughput of the disks and try to restore.
However, as this issue needs deeper investigation and live troubleshooting as we may need to actively check and analyzing the VM logs, to understand the exact reason for this slowness. I would recommend to open a support case so that a dedicated support engineer can work with you to narrow down on the issue.