https://www.youtube.com/watch?v=dzkba84LeE4
Hasn't been my experience, but I'm playing on PC. Video above.
Here's my initial load times for Just Cause 3 running on:
Intel Core i7-4790K
Nvidia GeForce GTX 970
Samsung 840 EVO SSD
1:18 for initial startup and around 8 seconds after each death. Personally, when I was playing, I felt it was one of the faster loading open world games.
The game does look amazing on PC for sure.