dbus-launch of gnome-terminal slow on 20.04

Since upgrading to 20.04 I've seen a roughly 20 second delay between running 'dbus-launch gnome-terminal' and when the terminal actually opens. This happens 100% of the time and was basically instant on previous versions (I've tried on 18.04, 19.04, and 19.10).

I've tried explicitly unlocking my keyring given the secret error message below and I've verified gnome-terminal-server and dbus-daemon are both running. If I run gnome-terminal without dbus-launch it activates instantly so there's something about the route through dbus that is causing an issue.

I get the following output from the dbus-launch invocation:

# _g_io_module_get_default: Found default implementation dconf (DConfSettingsBackend) for ‘gsettings-backend’
# watch_fast: "/org/appmenu/gtk-module/" (establishing: 0, active: 0)
# unwatch_fast: "/org/appmenu/gtk-module/" (active: 0, establishing: 1)
# watch_established: "/org/appmenu/gtk-module/" (establishing: 0)
# _g_io_module_get_default: Found default implementation gvfs (GDaemonVfs) for ‘gio-vfs’
# watch_fast: "/org/appmenu/gtk-module/" (establishing: 0, active: 0)
# unwatch_fast: "/org/appmenu/gtk-module/" (active: 0, establishing: 1)
# watch_established: "/org/appmenu/gtk-module/" (establishing: 0)
# Failed to use specified server: GDBus.Error:org.freedesktop.DBus.Error.ServiceUnknown: The name :1.87 was not provided by any .service files
# Falling back to default server.
# watch_fast: "/org/gnome/terminal/legacy/" (establishing: 0, active: 0)
# unwatch_fast: "/org/gnome/terminal/legacy/" (active: 0, establishing: 1)
# watch_established: "/org/gnome/terminal/legacy/" (establishing: 0)

And I see the following in syslog during the launch (note the delay in timestamps):

May 11 09:15:57 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] AppArmor D-Bus mediation is enabled
May 11 09:15:57 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] Activating service name='org.gtk.vfs.Daemon' requested by ':1.0' (uid=1000 pid=6298 comm="/usr/bin/gnome-terminal.real " label="unconfined")
May 11 09:15:57 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] Successfully activated service 'org.gtk.vfs.Daemon'
May 11 09:15:57 rfairfax-ubh org.gtk.vfs.Daemon[6310]: fusermount: failed to access mountpoint /run/user/1000/gvfs: Permission denied
May 11 09:15:58 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] Activating service name='org.gnome.Terminal' requested by ':1.0' (uid=1000 pid=6298 comm="/usr/bin/gnome-terminal.real " label="unconfined")
May 11 09:15:58 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] Successfully activated service 'org.gnome.Terminal'
May 11 09:15:58 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] Activating service name='org.freedesktop.portal.Desktop' requested by ':1.2' (uid=1000 pid=6313 comm="/usr/libexec/gnome-terminal-server " label="unconfined")
May 11 09:15:58 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] Activating service name='org.freedesktop.portal.Documents' requested by ':1.3' (uid=1000 pid=6319 comm="/usr/libexec/xdg-desktop-portal " label="unconfined")
May 11 09:15:58 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] Activating service name='org.freedesktop.impl.portal.PermissionStore' requested by ':1.4' (uid=1000 pid=6324 comm="/usr/libexec/xdg-document-portal " label="unconfined")
May 11 09:15:58 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] Successfully activated service 'org.freedesktop.impl.portal.PermissionStore'
May 11 09:15:58 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] Successfully activated service 'org.freedesktop.portal.Documents'
May 11 09:15:58 rfairfax-ubh systemd[1]: run-user-1000-doc.mount: Succeeded.
May 11 09:15:58 rfairfax-ubh systemd[1108]: run-user-1000-doc.mount: Succeeded.
May 11 09:15:58 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] Activating service name='org.freedesktop.impl.portal.desktop.gtk' requested by ':1.3' (uid=1000 pid=6319 comm="/usr/libexec/xdg-desktop-portal " label="unconfined")
May 11 09:15:58 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] Activating service name='ca.desrt.dconf' requested by ':1.6' (uid=1000 pid=6345 comm="/usr/libexec/xdg-desktop-portal-gtk " label="unconfined")
May 11 09:15:58 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] Successfully activated service 'ca.desrt.dconf'
May 11 09:15:58 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] Successfully activated service 'org.freedesktop.impl.portal.desktop.gtk'
May 11 09:15:58 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] Activating service name='org.freedesktop.secrets' requested by ':1.3' (uid=1000 pid=6319 comm="/usr/libexec/xdg-desktop-portal " label="unconfined")
May 11 09:15:58 rfairfax-ubh org.freedesktop.secrets[6359]: SSH_AUTH_SOCK=/run/user/1000/keyring/ssh
May 11 09:16:23 rfairfax-ubh xdg-desktop-por[6319]: Failed to create secret proxy: Error calling StartServiceByName for org.freedesktop.secrets: Timeout was reached
May 11 09:16:23 rfairfax-ubh xdg-desktop-por[6319]: No skeleton to export
May 11 09:16:23 rfairfax-ubh dbus-daemon[6297]: [session uid=1000 pid=6295] Successfully activated service 'org.freedesktop.portal.Desktop'

ProblemType: Bug
DistroRelease: Ubuntu 20.04
Package: dbus 1.12.16-2ubuntu2
ProcVersionSignature: Ubuntu 5.4.0-29.33-generic 5.4.30
Uname: Linux 5.4.0-29-generic x86_64
ApportVersion: 2.20.11-0ubuntu27
Architecture: amd64
CasperMD5CheckResult: skip
CurrentDesktop: ubuntu:GNOME
Date: Mon May 11 12:24:05 2020
InstallationDate: Installed on 2018-10-27 (562 days ago)
InstallationMedia: Ubuntu 18.04 LTS "Bionic Beaver" - Release amd64 (20180426)
ProcEnviron:
 TERM=xterm-256color
 PATH=(custom, no user)
 XDG_RUNTIME_DIR=<set>
 LANG=en_US.UTF-8
 SHELL=/usr/bin/zsh
SourcePackage: dbus
UpgradeStatus: Upgraded to focal on 2020-05-08 (2 days ago)