sscanf() converts the string you pass in to an _IO_FILE* to make the string look like a “file”. This is so the same internal _IO_vfscanf() can be used for both a string and a FILE*.
However, as part of that conversion, done in a _IO_str_init_static_internal() function, it calls __rawmemchr (ptr, '\0'); essentially a strlen() call, on your input string. This conversion is done on every call to sscanf(), and since your input buffer is rather large, it’ll spend a fair amount of time calculating the length of the input string.
Creating a FILE* from the input string using fmemopen() and use fscanf() could be another alternative.