Wasting time in PowerPoint is not about how you use the tools but the order you do things.
Rather than typing a little, formatting a little, inserting objects and tweaking them (after which you type, format, and tweak some more), get all your text in first. Avoid distraction by working in Outline view from the Navigation Pane. Type your slide title, then tab to the right to create a bullet point. Press tab for another bullet. Shift+tab back to the left adds another slide. Then, work in the Slide Master to create the overall look, only once! Now, add objects. Next, make adjustments.